Elisabeth Stheeman's vacancy is filled by Oakes, whose term is scheduled to begin on June 3, 2024.

Operating under the auspices of the Bank of England, the FPC is vital to the financial stability of the United Kingdom. Its responsibility is to detect, track, and mitigate systemic risks in order to safeguard and improve the resilience of the financial system in the United Kingdom.

Liz Oakes has extensive expertise in the financial services industry, particularly in the area of payments. Over her career, she has held many high-level roles in international financial and professional services companies, spearheading strategy, market, and product development. Reappointed for a second term starting on June 21, 2024, Carolyn Wilkins has a wealth of experience in central banking, having most recently served as Senior Deputy Governor at the Bank of Canada.

These positions had an open and competitive hiring procedure. In order to facilitate the process, HM Treasury hired an executive search firm. Gwyneth Nurse, Jonathan Hall, and Douglas Flint were on the selection panel that conducted interviews with the candidates and provided recommendations to the Chancellor.

Seven of the seventeen applications were selected for interviews; one applicant withdrew before to the interview stage. This stringent selection procedure highlights how crucial the FPC's job is and how valuable having seasoned experts like Ms. Oakes and Ms. Wilkins is.

"Liz Oakes and Carolyn Wilkins bring invaluable experience to the FPC, ensuring it remains robust in its mission to safeguard the financial stability of the United Kingdom," Chancellor Jeremy Hunt stated.