Overview
This policy is part of Our Code, which all colleagues are required to attest to on joining the Bank and annually thereafter.
Why do we need this policy?
The Bank needs to be sure that any other employment does not:
- adversely impact an individual’s wellbeing and the requirements of their Bank role; and/or
- give rise to a conflict of interest, perception of undue advantage, reputational risk, or other detriment to the Bank.
This aim of this policy is to ensure that we can consider, mitigate, or resolve any risks to an individual and to the Bank before any other employment is taken on.
Who does this policy apply to?
This policy applies to all colleagues employed by the Bank, including colleagues on fixed-term contracts. It also extends to contractors and/or agency workers.
What you must know or do
You must have approval to undertake any other employment while you are working at the Bank. Such authorisation will normally be given so long as it is not, in the Bank’s opinion, incompatible with the full and proper performance of your Bank duties and does not give rise to a conflict of interest, a perception of advantage, or a risk to the Bank.
For the purposes of this policy, ‘any other employment’ covers any paid or unpaid work undertaken for another employer under contractual obligation or otherwise. This includes working as a professor or lecturer in academia and working as an adviser to research groups (other than as part of fulfilling your Bank role) but excludes volunteering for a charity or community organisation. “Any other employment” also covers self-employment as a sole trader, within a partnership or via a limited company.
Approval will never be granted for the following as there is an inherent conflict of interest or perception of advantage:
- employment with a Bank-regulated firm;
- acting as a dealer in gold or foreign exchange, whether as a principal or intermediary;
- acting either directly or indirectly as a broker or dealer or other intermediary in buying, selling, or exchanging any securities on commission; and receiving any commission or gratuity from such a broker or dealer for recommending business to them;
- for Bank employees only: employment with a supplier holding a contract with the Bank, or where the supplier is tendering for a contract with the Bank and you are involved in the tendering process.
To find out whether a firm is Bank-regulated search for and select the firm via the Financial Services Register, then expand the ‘Regulators’ section. For a list of Financial Market Infrastructure (FMI) firms we supervise (also included in the Bank-regulated definition) see the FMIs we supervise section on the Bank’s website.
Key policy requirements
For all Colleagues
1. 1. You must not take on any other employment without prior approval. Before considering taking on any other employment you must:
1.1. Discuss it with your line manager, particularly the extent to which it would impact on your ability to deliver your work at the Bank to the necessary standard.
1.2. Seek pre-approval from your Head of Division (HoD) (if you are HoD or above, seek pre-approval from your line manager) via the Our Code Compliance system.
1.3. As required under the Directorships Policy seek separate pre-approval via the Our Code Compliance system if the other employment would also require you to take up a directorship.
1.4. Complete any action required of you by your approver (including, for example, refusing the role or stepping down from it, reducing the proposed time commitment etc).
2. While you hold any other employment you must continue to comply with the following if applicable:
2.1. If you make or advise on financial decisions as part of your other employment the Personal Financial Transactions policy pre-approval requirements apply as though the transactions were your own.
2.2. The Bank’s External Communications and Engagement policy.
3. You must ensure that your approved other employment is not undertaken in Bank time, when you are expected to be working, or using Bank resources (such as your Bank laptop/email address).
4. If your other employment is carried out in your capacity as a Bank expert (eg IMF Missions), where you are paid directly and you continue to also be paid by the Bank, you must surrender any payments received from your other employment to the Bank.
5. If the nature of your other employment changes, you must create a new request for approval in the Our Code Compliance system and receive approval before commencing the changed employment.
6. If you change roles within the Bank, you must discuss any existing other employment with your new line manager/HoD so they can review the extent to which it would impact on your ability to deliver your work at the Bank to the necessary standard.
For all HoDs (and above)
1. You must ensure that you and those working in your Division understand and comply with the requirements of this policy.
2. You must promptly review any other employment requests made via the Our Code Compliance system. This means:
2.1. using the guidance to assess the request;
2.2. approving or rejecting the request in the Our Code Compliance system; and
2.3. ensuring you receive confirmation that an individual promptly completes any actions required (eg not accepting the proposed role or stepping down from it, reducing the proposed time commitment etc).
3. You must also review any other employment records for individuals transferring into your team from elsewhere in the Bank to ensure there are no wellbeing concerns in relation to their new role.
What support is available to help you comply with this policy?
The following documents will aid your understanding of, and compliance with, this policy:
The application of this policy will be in accordance with the relevant data protection legislation. For information on how the Bank processes your data, please see the Bank’s Privacy Notice to Staff.
What is the impact of non-compliance?
If you realise you have breached – or suspect that you might have breached – a requirement in this policy please tell AskCompliance as quickly as possible, so that the issue can be reported and redressed under the Bank’s Breach Management policy. The Bank gives credit for you taking prompt responsibility for your mistakes. You should be aware that failing to discharge your responsibilities could lead to disciplinary action or action taken under the Bank’s other formal processes.
January 2026