Our Code and the Bank’s conflict of interest policies

The Bank’s ability to achieve its mission relies on public trust. Adherence to our Code, and the principles that underlie it, is essential to maintaining that trust. 

Our Code is based around four sets of principles for the way we work: acting with integrity and demonstrating impartiality, being open and accountable, being safe and secure and creating an empowering and inclusive culture. 

The principles and requirements set out in our Code are underpinned by detailed policies which set out how we should approach certain situations, including what we need to report, seek approval for or declare to the Bank or discuss with our management. As part of this, candidates for all types of role at the Bank should be aware of the following, which help ensure that we avoid conflicts of interest between work at the Bank and personal lives:

  1. You will be required to declare if a close family member (spouse, partner, parents, sibling, child) works in the Bank, works in financial, economic or political journalism, a Bank regulated firm, a significant dealing counterparty of the Bank, a firm that is holding or tendering for a contract with the Bank, or holds a national elected public office (eg Member of Parliament).

  2. Many workers at the Bank have access to confidential and price sensitive information which might be perceived to have influenced our saving and borrowing decisions, giving us an unfair or even unlawful advantage. Because of this, the Bank requires those who work here to declare certain financial relationships and to obtain prior permission to undertake certain personal financial transactions.

  3. The Bank does not normally permit people who work here also to be a director of a business (whether non-executive or otherwise), as this can give rise to a range of financial, legal and reputational risks. Those joining the Bank with such a directorship will normally be asked to relinquish it. (Exceptions may be allowed for contractors’ companies for services to the Bank).

  4. You will need to disclose and obtain approval for any additional employment/engagement, and for community or charity roles with legal duties or formal responsibilities such as a charity trustee or school governor.

  5. As the Bank is apolitical, you must seek consent if you wish to stand for local or national elected office, and notify the Bank about certain other political activities, such as involvement in party organisation, fundraising or campaigning. 

  6. In addition, you should consider if you have any interests or undertake any activities that could lead to a potential conflict of interest with their prospective role at the Bank. You should raise these and seek to mitigate and resolve them together with Bank management.

Security Vetting and Clearance

Employment at the Bank is conditional on both gaining security clearance and retaining that clearance throughout your employment. Gaining clearance relies on you satisfying checks which include financial, criminal, and National Security. 

If you want to understand more about what security vetting and clearance entails, see United Kingdom Security Vetting.

This page was last updated 04 April 2019

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