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New Financial Policy Committee member approved by MPs

22 May 2024

The Treasury Committee has published its report on the appointment of Liz Oakes as an External Member of the Bank of England’s Financial Policy Committee (FPC).

The Committee confirms their approval of Liz Oakes’ appointment however, in the report, MPs express their regret that Ms Oakes is unable to contribute to the FPC on an area in which she has significant expertise – payments. 


Members of the Committee are urging the Treasury and the Bank to consider how the appointment and recusal processes work for future external appointments.  


The Committee held a pre-commencement hearing on Tuesday 21 May and, in a new report published today, outlines it is satisfied that Liz Oakes has the appropriate professional competence and personal independence for the role.   


In the new role, Ms Oakes will replace Elisabeth Stheeman as an External Member of the FPC. 


The FPC is responsible for maintaining the financial stability of the UK economy by identifying and removing risks to its resilience. Six of its members are Bank of England staff, including the Governor. Ms Oakes will be one of the five external members selected from outside the Bank for their experience and expertise in financial services. 

Further information

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