Director of Financing Strategy, Major Water Infrastructure Programme

Job summary

We are Ofwat, the Water Services Regulation Authority, a non-ministerial government department responsible for regulating the water sector in England and Wales.

We have a new and exciting opportunity for a Director of Financing Strategy to join our Major Projects team.

The water sector is entering a new chapter. The government has set out a bold new direction, bringing together expertise from across the sector to deliver better outcomes for customers and the environment. We are collaborating with fellow regulators to respond to recommendations in The Independent Water Commission Report, the Welsh Government’s response to the Green Paper, Shaping the Future of Water Governance in Wales, and the Government’s White Paper, A new vision for water.

Ofwat is working with the government and other regulators to help create a new body for England, bringing together our strengths with those of the Drinking Water Inspectorate, the Environment Agency and Natural England. We are also continuing to work with the Welsh Government to support decisions on the future arrangements for Wales.

While these changes take shape, our mission remains the same: to hold water companies to account, drive performance, and ensure the sector delivers real value for customers, communities, and the environment.

The RAPID (Regulators Alliance for Progressing Infrastructure Development) and MP (Major Projects) directorates are responsible for enabling the delivery of over 30 major projects as part of the Major Water Infrastructure Programme (MWIP). These projects are critical for the long-term security and resilience of public water supplies in England and Wales, as well as enabling economic growth and delivering environmental benefits by reducing unsustainable abstraction. The total programme value is circa £50bn.

Working closely together, the two Directorates provide oversight, challenge and support to Water Companies through the optioneering, development, procurement, and delivery of these projects, driving value for money for customers and ensuring sustainable outcomes.

We are a growing team at an early stage of shaping a significant, high profile and exciting programme. Our work and the teams are growing and this role will be at the core of shaping our future approach. If you’re passionate about making a difference, this is a unique moment to join us and help shape the future of water, and together we can continue to make a positive impact.

You can find out more about why you should join Ofwat, our strategy, values and our framework for success in the attached Candidates Pack.

Job description

Ofwat owns the financing models which unpin the delivery of the Major Water Infrastructure Programme, and we do this as the structure of the financing is critical in driving value for money for customers. These are currently Direct Procurement for Customers (DPC) and the Specified Infrastructure Projects Regulations (SIPR) although there are variations in the application of these models. The two delivery models are competitive delivery models whereby procurements are run by water companies to design, build, finance and/or operate and maintain large new assets. Ofwat provides guidance and sets standards for the financing models as well as exercising oversight and assurance by Water Companies on implementation. Market feedback is that investors and contractors desire consistency and predictability on the terms and substance of the models and related contracts. By delivering in this way we seek to reduce transaction costs as well as making projects attractive to increase competition, all of which supports delivering value for money for customers. Overall the programme is still at a relatively early stage, with two projects in contracts (Thames Tideway Tunnel and HARP) and the remaining projects in development.

The Director of Financing Strategy is critical to the development of these financing frameworks and this role is responsible for developing the standards for how these models should be deployed as well as the related guidance we publish. You would be expected to set out a strategy for the overall approach and how the financial models will be matured to meet our strategic goals, as well as leading this work, building in learning and addressing issues and risks as they arise on projects. You would also be expected to drive forward policy for projects where there are multiple sponsors and set policy and guidance on development of bulk supplies between the parties.

Leading the Financing Strategy function, the successful applicant must be a strategic thinker with deep commercial, financial and regulatory expertise in developing, financing and delivering infrastructure. You must be adept at building relationships with stakeholders and being able to influence at the highest levels. The Financing Strategy function is key to the success of delivering projects in the programme in a timely, efficient, consistent and value for money manner. You are likely to be a have strong analytical, stakeholder engagement and leadership skills, and able to provide authoritative, commercially balanced decision making which can operate in a highly regulated environment. By way of background, you are likely to have come from a client, sponsor, financial institution, consultancy and have significant experience in developing and financing infrastructure in a regulated utility, experience of Public Private Partnerships and PFI, and RAB based financing of infrastructure in other relevant sectors.

The role supports the Project Delivery Directors, Legal Director, and other relevant Directors across the programme to ensure that the projects are delivered in a consistent way driving value for money and repeatability across the programme. The role will be central to providing thought leadership across the programme on all regulatory and commercial policy issues, spanning complex project finance agreements, bulk supplies between multiple water companies to deliver infrastructure, RAB based financing and the regulatory and commercial models supporting these approaches to delivery of major infrastructure. Reporting to the Senior Director, Major Projects, you will be a member of the Major Projects Leadership Team (MPLT).

Key deliverables

In this role you will be expected to

• Shape the future of the Financing Strategy function, setting out a clear long-term destination and continuously improving the approaches to development and delivery of the MWIP programme. In shaping the direction, you will engage and gain buy-in from Major Project's Directors/Senior Directors and relevant Board sub-committee.
• Provide commercial and financial expertise and give sound direction to the teams, balancing often competing objectives across different stakeholder groups to ensure that customers interests are protected whilst ensuring delivery of overall outcomes of the programme and the projects.
• Be the owner of all the regulatory and financing policy under which the MWIP programme will be delivered, driving forward improvements which are likely to deliver value to the programme more widely. This would include being responsible for setting the guidance for the DPC and SIPR frameworks, developing the models so we learn lessons from one project to the next.
• Develop complex financial, commercial and regulatory solutions across the programme which can be consistently applied to projects across the programme, helping to solve problems before they hit projects.
• Lead engagement with Water companies and other key stakeholders such as investors and supply chain on relevant changes to standards and guidance. Using forums and committee's as appropriate to gain buy in and test ideas.
• Own and deliver public consultations on future approaches, reviewing responses and making clear recommendations and decisions on way forward. Consulting with respective SMEs and Directors as appropriate.
• Responsibility for horizon scanning and identifying future implementation challenges which the programme will have to contend with, looking at developments in infrastructure more generally and being a breast of changes to regulation and commercial terms and conditions which may need to be reflected in our guidance for companies.
• Manage the deployment of internal capability and external consultant support, where required, to support the policy function.
• Developing the team's capability and confidence, through coaching, role modelling and provision of development opportunities.
• Build strong and effective relationships, particularly with other MP and RAPID Directors as well as partner regulators and Water Companies. Representing the policy function at board sub-committees, board and external events as appropriate.
• Inspiring and promoting learning and knowledge sharing across relevant sectors.
• Maintain and evolve a diverse and inclusive culture within the organisation where our people are representative of the communities we serve, and everyone is valued, treated fairly, and empowered to thrive. You will also support our people to sustain a work life balance and get the best from hybrid working.

This is a wide-ranging role, and duties and responsibilities may evolve over time.

Person specification

To be successful in this role you will need the below essential attributes, experience, skills and knowledge.

Experience, skills and knowledge

1. Significant experience of negotiating commercial deals and/or financing major projects or complex programmes, experience of Project Finance and RAB based financing and ideally knowledge of DPC, SIPR, PFI, Price Controls.
2. Experience and knowledge of regulated sectors where private finance operates and understanding of how such deals are structured.
3. An inclusive leadership style which inspires, motivates, and promotes collaboration to develop high performing, innovative and inclusive teams.
4. Strong business acumen and financially astute with strong analytical thinking skills.
5. Demonstrable experience of stakeholder engagement, influencing and aligning views and engaging at the highest level.
6. Proven ability to make evidence-based decisions, evaluate options and balance competing considerations to develop commercially and regulatory viable solutions.

Attributes

7. Makes relationships count
8. Builds the team
9. Adaptable thinker
10. Delivers outcomes

Attributes as per Ofwat’s Framework for Success for Director Grade. You can read more about our attributes here.

Benefits

Why You Should Join Us:

Our people are at the heart of Ofwat, and our People Strategy defines the goals that keep this focus central to everything we do. Our 2025 People Survey highlights several key strengths. Nine in ten colleagues say that they are treated with respect and that Ofwat values individual differences. The same proportion say that their work is meaningful and that they are being trusted to carry out their roles effectively. 79% of our people rated their manager highly, and 85% described their team environment as positive.

You will also benefit from:

• Excellent employer pension contributions of nearly 29%.You can find further details about pension schemes under Terms and Conditions in the Candidate Pack.
• 25 days’ annual leave (increasing to 30 with each year of service) plus bank holidays and an extra 2.5 days of privilege leave
• Access to exclusive discounts on a variety of goods and services, including retail outlets, theatre tickets, holidays, insurance, and a gym membership
• Flexible working arrangements that suit your lifestyle
• Fees paid for membership of relevant professional bodies
• Up to 3 volunteering days per year
• Recognition vouchers scheme
• Generous shared parental leave and pay
• Enhanced sick pay
• Regular development opportunities
• Health and wellbeing initiatives
• Cycle-to-work scheme
• Season ticket loan for home-to-office travel
• Free eye tests and contribution to lenses/spectacles for VDU users

Moving to Ofwat from another employer will mean you can no longer access childcare vouchers. This includes moves between government departments. You may however be eligible for other government schemes, including Tax-Free Childcare. Find out more at https://www.childcarechoices.gov.uk/.

Things you need to know

Artificial intelligence

Artificial intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance (opens in a new window) for more information on appropriate and inappropriate use.

Selection process details

Saxton Bampfylde Ltd is acting as an employment agency advisor to Ofwat on this appointment. Candidates should apply for this role through our website at roles.saxbam.com using code QCBL.

Click on the ‘apply’ button and follow the instructions to upload a CV and cover letter and complete the online diversity monitoring* form.

Your personal statement should be approximately 2 pages long and should clearly outline how you meet the essential experience, skills, knowledge listed above.

The closing date for applications is 12.00noon on Monday 16 November 2026. Please ensure you have submitted your application in full ahead of the deadline, as we will not be able to consider late applications.

* The diversity monitoring online form will not be shared with anyone involved in assessing your application. Please complete as part of the application process.

If you have any queries about any aspect of this role, or you require any reasonable adjustments please contact katie.miller@saxbam.com

Selection Schedule

We will try and offer as much flexibility as we can, but it may not be possible to offer alternative dates for assessments or interviews. You are therefore asked to note the below timetable, exercising flexibility through the recruitment and selection process, in order to meet the dates given. Please note that the following dates may be subject to change.

• Application deadline: 12:00 noon, Monday 16 November 2026
• Longlisting stage: w/c 23 November 2026 (candidates not required to attend)
• Interviews with Saxton Bampfylde: w/c 30 November 2026
• Shortlisting stage: w/c 7 December 2026 (candidates not required to attend)
• In-Person Ofwat Panel interview: Monday 11 January 2027

Assessment Process

Longlisting Stage

At longlisting stage, your application will be assessed against the essential skills, experience, and knowledge listed above.

Interviews with Saxton Bampfylde and Shortlisting Stage

Candidates taken through to the longlisting stage will be invited to attend an interview with Saxton Bampfylde to explore your skills, experience, and knowledge in more detail. Following the interviews, shortlisted candidates will be invited to formal face-to-face interviews with the Ofwat appointment panel.

Panel Interview Stage – Transparent Interviews and Presentation

At interview stage we will test against essentialskills, experience, knowledge and the attributes set out in the professional requirements section and our Framework for Success.

We operate a transparent interview model where we will share with you a list of attribute-based questions in advance. This has been proven to help neurodiverse candidates and others to perform better at interview and is part of our inclusive culture.

You can read more about attributes and our Framework for success here.

Please note that interviews will be conducted in our London Office (E14 4HD) on Monday 11 January 2027.

As part of the interview process, we will require a short presentation. Further details will be provided to candidates upon invitation to interview.

Please ensure anything you present in your interview answers is factually accurate, and you are not presenting the ideas and experience of others, or generated by AI, as your own. You may expect follow up questions.

It may be necessary for a second stage interview, which will be communicated to the successful candidates, if required.

If the assessment process identifies more appointable candidates than roles available, a reserve list will be created for 12 months from which further appointments in merit order can be made.

'Near-miss' candidates (candidates who have performed well at interview stage but haven’t scored high enough for the advertised Director band) may be considered (in merit order) for a Principal grade post: a band lower than Director. Further details will be provided to candidates as needed.

If you have any queries about any aspect of this role, selection process, or you require any reasonable adjustments, please email katie.miller@saxbam.com

Feedback will only be provided if you attend an interview or assessment.

Security

Successful candidates must undergo a basic (or equivalent) criminal record check.People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window).The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.

Diversity and Inclusion

The Civil Service is committed to attract, retain and invest in talent wherever it is found. To learn more please see theCivil Service People Plan (opens in a new window) and the Civil Service Diversity and Inclusion Strategy (opens in a new window).

Apply and further information

This vacancy is part of the Great Place to Work for Veterans (opens in a new window) initiative.The Civil Service welcomes applications from people who have recently left prison or have an unspent conviction. Read more about prison leaver recruitment (opens in new window).Once this job has closed, the job advert will no longer be available. You may want to save a copy for your records.

Contact point for applicants

Job contact :

• Name : katie.miller@saxbam.com
• Email : katie.miller@saxbam.com

Recruitment team

• Email : katie.miller@saxbam.com

Further information

Complaints procedure - The process of recruitment and assessment embraces the principles of fair and open competition and best practice. The first is to maintain the principle of selection for appointment to the Civil Service on merit on the basis of fair and open competition as outlined in the Civil Service Recruitment Principles. The second is to promote an understanding of the https://www.gov.uk/government/publications/civil-service-code/the-civil… which sets out the constitutional framework in which all civil servants work and the values they are expected to uphold, and to hear and determine appeals made under it. If you feel your application has not been treated in accordance with the recruitment principles and you wish to make a complaint, you should contact recruitment@ofwat.gov.uk in the first instance. If you are not satisfied with the response you receive from us, you can contact the Civil Service Commission at info@csc.gov.uk

Attachments

Candidate Pack Director of Financing Strategy Opens in new window (pdf, 702kB)