Sustainable Finance Regulation Expert for Chilean Taxonomy

Result of ServiceThe Sustainable Finance Regulation Expert is primarily responsible for providing regulatory inputs and policy recommendations to Chile’s financial supervisory bodies. The goal is to ensure the effective integration of the Chile Taxonomy into existing regulatory and supervisory frameworks in the banking sector, as well as to propose new instruments needed to achieve this. This role is crucial for ensuring that the Chile Taxonomy is fully implemented and effectively contribute to the project's objectives. Overall Outcome: Strengthened implementation and regulatory adoption of the Chilean Sustainable Finance Taxonomy in the banking sector, enabling alignment of financial flows with national and international sustainability goals. Phase I – Preparing the Banking Sector for the Implementation of the Chilean Taxonomy Testing, piloting, and evaluating the application of the Chilean Taxonomy in the portfolios and processes of banking institutions. A crucial milestone in the development of the Chilean Taxonomy is the implementation of a pilot phase before a full roll-out takes place. The overall goal of this phase is to test, pilot, and evaluate the practical application of the Chilean Taxonomy in the financial sector, with a focus on the banking sector. The pilot phase will enhance market readiness and strengthen capacities within the banking sector ahead of its mandatory implementation. This phase should be carried out in close coordination with parallel actions aimed at supporting the implementation of the taxonomy by the productive (real economy) and public sectors. Outcome 1: Banking institutions are prepared for the implementation of the Chilean Taxonomy through piloting, testing, and capacity building. • Output 1: Project governance and piloting framework established. • Output 2: Pilot scope, methodology, and execution plan validated with stakeholders. • Output 3: Participating banks’ capacity enhanced through targeted training and peer learning. • Output 4: Taxonomy tested in pilot banks’ portfolios and processes, with baseline and gap analysis conducted. o Deliverables:  Gap analysis with participating banks (Product 1).  A 30-page report with recommendations for CMF and banks, including a gap analysis, action plan, and presentation of findings (Product 2). • Output 5: Practical implementation guidance developed for banks. o Deliverables:  Guidance document including case studies, tools, and recommendations for scale-up, with interoperability section (Product 3).  Dissemination and upskilling programme with training materials, content outline, and participant records (Product 3). For Outcome 1, the entire project logical framework (Outputs 1–5) is presented to ensure the coherence of this technical assistance. However, the specific deliverables for the Sustainable Finance Regulation Expert for the Chilean Taxonomy begin under Output 4. Note that the consultant's Product 1 under Output 4 will utilize Product 1 delivered by the Senior Policy Consultant for the Chilean Taxonomy Implementation (Project Lead) as necessary inputs. Phase II – Developing a Roadmap for the Regulatory Adoption of the Chilean Taxonomy to Ensure Its Implementation in the Banking Sector For the Chilean Taxonomy to achieve its full potential, it is essential to link it with other components of the sustainable finance policy ecosystem—for example, a disclosure or labeling regime based on the Taxonomy, whether for corporate financial disclosures, financial product disclosures, or both. In this regard, during the second phase, a specific roadmap will be developed to move toward a binding requirement for the Chilean Taxonomy, ensuring its proper implementation and alignment with local needs. This phase must be carried out in coordination with the national financial regulators, specifically the Financial Market Commission (Comisión para el Mercado Financiero) and the Superintendency of Pensions (Superintendencia de Pensiones). The Sustainable Finance Banking Regulation Expert will work hand in hand with the legal and regulatory departments of national financial regulators. He/She will also work closely with the pilot’s implementing team on the Chile’s Taxonomy to identify barriers and opportunities to define the regulatory framework. The technical consultant to be hired must be a specialized expert who combines a solid background in banking regulation with a deep understanding of sustainable finance. The role is crucial for leading Phase II of the project, which focuses on regulatory adoption of the Chile’s Taxonomy, while also contributing with international expert (Senior \"Policy Consultant for the Chilean Taxonomy Implementation (Project Lead) in the execution of Phase I, which is centered on the pilot program. Outcome 2: Regulatory adoption of the Chilean Taxonomy is facilitated through actionable recommendations and a phased roadmap, enabling its integration into the banking sector. • Output 6: Regulatory scope and applicability of the Chilean Taxonomy assessed. o Deliverable: Assessment report on regulatory applicability and integration pathways (Product 4). • Output 7: Existing regulatory and policy instruments reviewed and gaps identified. o Deliverable: Comprehensive review of financial and non-financial policy instruments, with recommendations for adjustments or development of new frameworks (Product 4). • Output 8: High-level recommendations for regulatory inclusion formulated and validated. o Deliverable: Preliminary roadmap for regulatory adoption of the Chilean Taxonomy, to be reviewed by stakeholders (Product 5). • Output 9: Detailed roadmap for regulatory adoption finalized. o Deliverable: Final roadmap for the regulatory adoption of the Chilean Taxonomy, revised with stakeholder input (Product 6). • Output 10: Regulators and entities trained and supported for implementation. o Deliverable: Training programme materials developed and delivered to regulators and regulated entities (Product 7). In summary, the consultant shall deliver the following products: Product No. 1 • Specific pilot gap analysis with the relevant banking institutions in coordination with relevant partners and stakeholders. Product No. 2 • One (1) report of no more than 30 pages with recommendations for the CMF and banking institutions to define the financial regulatory requirements and other actions to close the gaps for the implementation of the Chile’s Taxonomy in the banking sector (including a gap analysis and recommendations to close the gaps for the implementation of the Chile’s Taxonomy in the banking sector). This should contain a gap analysis and an action plan with high-level recommendations for improving taxonomy application and scalability by stakeholders (financial entities participating, financial regulators and supervisors, and the national finance industry associations). • One (1) presentation for the CMF summarizing the main findings of the pilot in the banking sector. Product No. 3 • A guidance document on the practical implementation of the Chile’s Taxonomy for the banking sector, including case studies and recommendations for further scale-up. Product No. 4 • A document with a comprehensive assessment report on regulatory applicability and integration pathways of the Chile’s Taxonomy in the banking sector • A document providing a comprehensive review of existing regulatory and financial/non-financial policy instruments that may be subject to modifications in order to incorporate the Chilean Taxonomy into current sustainable finance disclosure frameworks. In the absence of such a regime, recommend the design of relevant frameworks and instruments. Product No. 5 • Preliminary document of the roadmap for the regulatory adoption of Chile’s Taxonomy with the goal of ensuring its implementation in the banking sector to be revised by national stakeholders Product No. 6 • A document of the roadmap for the regulatory adoption of Chile’s Taxonomy with the goal of ensuring its implementation in the banking sector revised by national stakeholders Product No. 7 • Materials for the training programme for regulators and regulated Entities completed (phase II) Specific tasks and responsibilities Under the direct supervision of the Programme Management Officer on Sustainable Finance for the LAC region, the consultant shall perform the following activities: Phase I: Preparing the Banking Sector for the Implementation of the Chilean Taxonomy – Testing, Piloting, and Evaluating the Application of the Chilean Taxonomy in the Portfolios and Processes of Banking Institutions Activity 1. Project set-up and governance Objective: To define the high-level process for the piloting phase of the Chile’s Taxonomy. Tasks: o Identify the main audience for the pilot exercise (potential bank participants). o Develop and document robust selection criteria for participating banks. The pilot should include a mix of financial institutions, representing different sizes, business models, public and private, having a heterogeneous portfolio in the economic sectors included in the Chile’s Taxonomy, representative market share, type of portfolio/financial products, among others. o Define the process for selecting participating entities based on the established criteria. o Engage the Baking Association of Chile to gain support for market readiness piloting. Seek its input on the selection criteria and the pilot process. o Identify and pre-select the financial entities that will participate in the piloting exercise. o Conduct introductory meetings with related stakeholders. o Establish the working group to conduct the pilot process. o Define the focal points, including representatives from selected financial institutions, CMF, and the banking association. o Define roles and responsibilities of each member within the working group. o Sign non-disclosure agreements (NDAs) with all participating financial institutions. Activity 2. Report and Workplan Elaboration Objective: To ensure thorough preparation and strategic planning for the pilot phase of the Chile’s Taxonomy in the banking sector, in close collaboration with the established working group. Tasks: o Conduct an internal kick-off meeting with the UNEP FI team to align project objectives and strategy. o Hold introductory meetings with relevant national stakeholders to discuss the expected application of the Chile’s Taxonomy to determine the pilot's scope, address potential challenges, and gather initial input from national stakeholders. o Develop a comprehensive report. o Present the Report to the established working group for the banking sector pilot for formal review and validation (serving as the official kick-off meeting for the working group). o Address any initial questions or concerns raised during the review and validation process. Activity 3: Capacity building on the implementation of Chile’s Taxonomy Objective: To enhance the technical capacity of participating banks during the pilot phase of Chile’s Taxonomy. This program will foster knowledge sharing and peer learning among the selected financial institutions. Tasks: o Develop and deliver a comprehensive capacity building programme tailored for selected pilot participants. o Facilitate peer-to-peer learning and knowledge exchange sessions among participants. o Address any specific questions and concerns raised by participants during the programme. Activity 4. Pilot and evaluate the implementation of the Chile’s Sustainable Finance Taxonomy to banking entities’ portfolios and processes The execution of the piloting phase of Chile’s Taxonomy will include the following sub-activities, which are not exhaustive and may be adapted to the national context as needed: Sub-activity 4.1: Test, pilot, and assess the Chile’s Taxonomy in the banks’ portfolios and processes Objective: Conduct pilots for implementing the Chilean Taxonomy in the credit portfolio up to six (6) banking entities. Tasks: o Phase 1. Initial assessment and data collection: the initial phase of the pilot involved conducting surveys and interviews to assess each bank’s sustainability management practices, environmental and social risk management frameworks, and governance structures for sustainability issues. Additionally, work with banks to identify a representative sample of green loans will be carried out for in-depth analysis. The composition and performance of each bank’s green loan portfolio, their alignment with the banks´ overall strategy and sustainability objectives, and their weight against the total portfolio will be assessed (quantitative and qualitative data). o Phase 2. Gap analysis: the processes defined within each banking entity for the management of green credits are analyzed (origination, labelling, monitoring and reporting, and closure), evaluating from an operational and technical perspective, the alignment of the credit with what is defined in the Taxonomy. This analysis is carried out based on information provided by the banks through surveys and/or process walkthroughs of the green credit granting process (qualitative and quantitative data). o Phase 3. Taxonomy application and testing: green credit products are categorized against the Taxonomy to identify alignment and gaps. o Create a detailed framework for assessing the alignment of individual loans with the taxonomy criteria. o Conduct 2 in-depth case studies per bank of selected green loans to understand the application of the Taxonomy in practice. o Identify challenges, gaps, and best practices for improvement. o Assess the effectiveness of the Taxonomy in guiding decision-making and improving the environmental performance of lending. o Develop a standardized reporting framework for financial institutions to report on their taxonomy-aligned activities. Consider aligning the reporting framework with existing sustainability reporting standards (e.g., TCFD/ISSB). o Together with the UNEP FI team, organize and coordinate periodic meetings with the pilot working group to present the progress, receive input, and share experiences during the piloting process. o Follow up at least one credit product per institution from the beginning to end to ensure that the technical conditions are aligned with the Taxonomy’s requirements, and ongoing monitoring is necessary to ensure compliance with these criteria throughout the project lifecycle. This follow-up will be subject to banks' availability and internal processes. Sub-activity 4.2: Reporting on piloting results and policy recommendations for implementation (gap analysis and action plan with recommendations) Objective: Identify challenges, gaps, opportunities, and best practices for improving the Chile’s Taxonomy´s application and scalability based on the piloting phase. Tasks: o Document the individual pilot findings (gaps, challenges, best practices, and opportunities). o Prepare a comprehensive report summarizing the findings of the pilot phase. o Analyze pilot data collected from banking institutions to identify key findings, common challenges, gaps, best practices and opportunities. o Categorize findings (e.g. strategic, operational, technical, and regulatory), highlighting common challenges, gaps, best practices and opportunities encountered by participating institutions. o Document good practices identified among the banks that could leverage effective application of taxonomy (opportunities). o Identify and document key gaps encountered by participating institutions. o Develop recommendations for reducing gaps and enhancing readiness. o Develop a comprehensive action plan outlining concrete steps to address identified gaps, including responsible parties, timelines, and required resources. o Document all findings, recommendations, and the action plan in a comprehensive report (description of challenges, opportunities, solutions, and actions for superintendencies and financial entities o Present initial results and case studies of the piloting exercise to each financial entity participating in the piloting phase and to the working groups established for the piloting phase. o Identify and compile a list of certifications, standards, or assessment mechanisms currently used by banks that could be further analyzed to assess their potential as reliable proxies. o Integrate feedback and finalize the reporting of the piloting phase. Sub-activity 4.3: Development of taxonomy implementation guidance document Objective: To empower banks with the knowledge and tools necessary for effective implementation of the Chile’s Taxonomy. Tasks: o Define the outline of the guidance document for the banking sector. o Collaborate with the working group established for the piloting phase of the banking sector to define the outline of the guidance document. o Identify key user needs and expectations for the guidance document. o Conduct research and analysis of previous taxonomy piloting processes in other jurisdictions to serve as references for developing the guidance . o Develop draft guidance documents for banks o Provide ongoing contributions and guidance to bolster banks through Q&A sessions. o Incorporate feedback from the working group. o Finalize the guidance document based on stakeholder feedback. Activity 5: Development and delivery a dissemination and upskilling programme on the implementation of the Chile’s Taxonomy Objective: To disseminate the learnings and best practices from the pilot phase to a broader audience within the banking sector and presenting the guidance document on the implementation of the Chile’s Taxonomy to the banking sector. Tasks: o Design and deliver a tailored capacity building programme for a broader audience within the banking sector, building upon the insights and lessons learned from the pilot phase, aimed at strengthening market capacity for the implementation of the Taxonomy. o Facilitate peer-to-peer learning and knowledge exchange among participants. o Address any specific questions and concerns raised by participants during the programme. Phase II: Development of the roadmap for the regulatory adoption of Chile’s Taxonomy, with the goal of ensuring its implementation in the banking sector. Objectives: To strengthen the regulatory adoption and private sector implementation of Chile’s Taxonomy by conducting a detailed analysis of regulatory frameworks, providing targeted recommendations, and developing a phased, actionable roadmap in coordination with regulators and stakeholders. o Comprehensive assessment report on regulatory applicability and integration pathways of the Chile’s Taxonomy in the banking sector o Review of existing regulatory and policy instruments. o High-level and targeted recommendations for regulatory inclusion. o Detailed implementation roadmap for the banking sector. o Records of stakeholder consultations and training sessions delivered to supervisory authorities and potential regulated entities. Activities and tasks: Activity 7. Assess the regulatory scope of how the Chilean Taxonomy should be applied to regulated entities, whether through hard or soft mechanisms. Tasks: o Analyze how the Chile’s Taxonomy can be applied to regulated entities through binding (hard law) and non-binding (soft law) mechanisms. o Identify potential gaps and opportunities for effective regulatory alignment. Activity 8. Conduct a comprehensive review of existing regulatory and financial/non-financial policy instruments that may be subject to modifications in order to incorporate the Chilean Taxonomy into current sustainable finance disclosure frameworks. In the absence of such a regime, recommend the design of relevant frameworks and instruments. Tasks: o Conduct a comprehensive review of current financial and non-financial policy instruments. o Identify instruments that may require adjustments to incorporate the Chile’s Taxonomy. o Where no suitable instruments exist, recommend the development of appropriate frameworks. Activity 9. Provide high-level and specific recommendations on where and how to include the Chile’s Taxonomy within the financial regulatory framework. Tasks: o Develop specific and high-level recommendations on where and how the Chile´s Taxonomy should be embedded in the financial regulatory architecture. o Align recommendations with national sustainable finance goals and best international practices. o Promote interoperability of frameworks between countries, and, where relevant, facilitate the transfer of international methodologies and best practices, adapted to local context and capacities. Activity 10. Develop a roadmap for binding implementation in the private sector, including timelines, phases, and guidelines, in coordination with regulators. Key aspects will be addressed to ensure an orderly and effective transition toward the application of the Chile’s Taxonomy in the private sector. Tasks: o Design a phased, binding implementation plan for the private sector, including suggested timelines and guidelines. o Coordinate with regulators to ensure alignment and smooth transition. o Address key elements necessary for an orderly and effective adoption of the Chile’s Taxonomy. Activity 11. Present to supervisory authorities and offer guidance in promoting the framework and the implementation aspects of the Chile’s Taxonomy in the private sector, through a training program for regulators and potential regulated entities. Tasks: o Present the regulatory integration strategy and roadmap to supervisory authorities. o Conduct training sessions and workshops for regulators and potential regulated entities. o Provide technical expertise for the promotion and implementation of the Chile’s Taxonomy in the private sector. Work LocationHOME BASED Expected duration12 MONTHS Duties and ResponsibilitiesThe United Nations Environment Programme (UNEP) is the leading global environmental authority that sets the global environmental agenda, promotes the coherent implementation of the environmental dimension of sustainable development within the United Nations system and serves as an authoritative advocate for the global environment. Its mandate is to coordinate the development of environmental policy consensus by keeping the global environment under review and bringing emerging issues to the attention of governments and the international community for action. The UNEP Latin America and the Caribbean Office (LACO), located in Panama City, Panama works closely with the 33 countries of the region and its activities are integrated into the Medium-Term Strategy and the Programme of Work approved by the United Nations Environment Assembly (UNEA). The overall objective of the UNEP’s Economy Division is to encourage decision makers in government, local authorities and industry to develop and adopt policies, strategies and practices and technologies that promote sustainable patterns of consumption and production, make efficient use of natural resources, ensure safe management of chemicals and contribute to making trade and environment policies mutually supportive. It promotes the development, use and transfer of policies, technologies, economic instruments, managerial practices and other tools that assist in environmentally sound decision making and the building of corresponding activities. The United Nations Environment Programme Finance Initiative (UNEP FI) is the strategic partnership between the United Nations and over 500 banks, insurers and investors. For over 30 years UNEP FI has been shaping and driving the international sustainable finance agenda, setting global standards and growing a global network of leading financial institutions. Through its work-streams and regional activities, peer learning, methodology development, training and research, UNEP FI promotes sustainable finance and helps the financial industry align with and contribute to the Paris Agreement and Sustainable Development Goals. Global policy and regulatory measures on sustainable finance have increased substantially over the recent years. Public policy critically affects the ability of finance institutions to generate sustainable positive and reduce negative impacts through financing decisions. It affects the sustainability and stability of financial markets, as well as social, environmental and economic systems. Sustainable finance policies have become central to enabling and accelerating a successful transition. Chile officially launched its Taxonomy of Environmentally Sustainable Economic Activities (T-MAS) in May 2025. This classification system, developed by the Ministry of Finance, aims to define and standardize which economic activities are considered sustainable and based on what criteria. The objective of the T-MAS is to guide financing flows, provide certainty to the market, and facilitate the identification of sustainable projects, thereby promoting a transition to a low-carbon economy and greater transparency in green finance. After the launch of the Chile’s Taxonomy and according to the fifth structural element of the Structure of the Chilean Taxonomy , the Ministry of Finance of Chile is committed to supporting the Taxonomy's implementation with measures that will both legitimize the tool and guide and enable its use by entities, aiming to serve as a reference for its eventual incorporation into the national legal framework. The Implementation Framework must ensure the future development of the Taxonomy is not rigid, recognizing that the development process of this tool is dynamic, and certain design elements may be subject to future updates, modifications, and adjustments. Considering the context above, UNEP, in collaboration with the European Union through the EUROCLIMA Programme, is seeking a consultant for a 12-month position to provide expertise to the Ministry of Finance of Chile, the Commission for Financial Market of Chile, and the Superintendence of Pensions of Chile in the Chilean Taxonomy’s implementation. We are looking for Chile´s Sustainable Finance Banking Expert Regulation for the implementation of the Chile’s Taxonomy. Under the supervision of the Programme Management Officer on Sustainable Finance for the LAC region; and working in close collaboration with other international experts and relevant national stakeholders, the Sustainable Finance Regulation Expert is primarily responsible for providing regulatory inputs and policy recommendations to Chile’s financial supervisory bodies. The goal is to ensure the effective integration of the Chile Taxonomy into existing regulatory and supervisory frameworks in the banking sector, as well as to propose new instruments needed to achieve this. This role is crucial for ensuring that the Chile Taxonomy is fully implemented and effectively contribute to the project's objectives. The consultant will work from home. Qualifications/special skillsEducation: • Bachelor’s Degree in the following areas: environmental management, engineering, social sciences, law, economics, business administration, international relations or finance studies is required. • Master’s Degree in the following areas: environmental management, engineering, social sciences, law, economics, business administration, international relations or finance studies is desirable. Professional experience: Required (Core Experience): • Three (3) years of professional experience in, sustainable finance, sustainable finance taxonomies, disclosure frameworks or related policy and regulatory fields is required • Prior experience working with financial institutions or in the field of banking supervision is desirable • Experience in the Latin America and the Caribbean region and, in particular, in Chile, working with government bodies is desirable. • In-depth knowledge of the regulatory and supervisory framework of the Chilean banking sector is desirable • Prior experience in classifying green loans and conducting gap analyses is desirable. • At least 2 years of working experience in the analysis and formulation of financial strategies and/or macroeconomic policies, is desirable. • In-depth understanding of the regulatory framework for the Chilean banking sector is desirable. • Experience in supporting policy and regulatory formulation for macroeconomic and financial stability is desirable. • A demonstrated ability to lead projects, establish governance, define detailed work plans, and manage the full lifecycle of deliverables, from conceptualization to finalization is desirable. • The ability to perform qualitative and quantitative data analysis, and to develop executive reports, presentations, and roadmaps is desirable. The consultant must be able to produce high-quality documents with clear recommendations and concrete action plans. • Experience in developing high-quality research based on interviews, focus groups, surveys, and secondary research, is desirable. • Experience in analysing net-zero and climate-resilient economy topics from a national/regional/global perspective, with the ability to offer practical policy advice on issues based on the LAC region reality and context, is desirable. • A strong capacity to interact with a wide range of counterparts, including regulators, sector associations, banking entities, and international experts, is desirable. The consultant must be able to facilitate meetings, lead training sessions, and present findings and recommendations in a clear and persuasive manner is desirable. • The ability to design and deliver training and capacity-building programs, tailored for both technical and supervisory audiences, to promote the implementation of the taxonomy, is desirable. • Familiarity with evaluation and analysis methodologies, and the ability to integrate them into the work to ensure a high level of granularity and depth in the results, is desirable. • Ability to deliver at speed and to adapt to client / country needs, is desirable. Languages: • The person is required to be fluent in English and Spanish. Special skills/Knowledge: • Proficiency in using Microsoft Package (Microsoft Teams, SharePoint, OneDrive, Word, Excel, PowerPoint) collaborative platforms (i.e., Teams, Google Drive) and virtual meeting platforms (i.e. Webex, Zoom, etc.) is desirable. • Excellent verbal, written, and interpersonal communication skills; • Ability to present complex issues in simple and clear manner; • Ability to communicate trends and impacts to high-level and mid-senior level management; • Ability to consult, build, and maintain solid working relationships in and outside of immediate department; • Demonstrates integrity and ethical standards; • Ability to work under pressure and deliver high quality results on time Competencies: • Professionalism: Ability to apply knowledge of various United Nations administrative, financial and human resources rules and regulations in work situations. He/she shows pride in work and in achievements; is conscientious and efficient in meeting commitments, observing deadlines and achieving results; shows persistence when faced with difficult problems or challenges; remains calm in stressful situations. Establishes and maintains productive partnerships with clients by gaining their trust and respect; identifies clients’ needs and matches them to appropriate solutions. • Communication: Speaks and writes clearly and effectively; listens to others, correctly interprets messages from others and responds appropriately; asks questions to clarify and exhibits interest in having two-way communication; tailors’ language, tone, style and format to match audience; demonstrates openness in sharing information and keeping people informed. • Teamwork: Is able to work effectively as part of a multidisciplinary team to achieve organizational goals and to take leadership when appropriate; solicits input by genuinely valuing others’ ideas and expertise; is willing to learn from others; places team agenda before personal agenda; supports and acts in accordance with final group decision, even when such decisions may not entirely reflect own position; shares credit for team accomplishments and accepts joint responsibility for team shortcomings. • Planning and Organizing: Develops clear goals that are consistent with agreed strategies; identifies priority activities and assignments; adjusts priorities as required; allocates appropriate amount of time and resources for completing work; foresees risks and allows for contingencies when planning; monitors and adjusts plans and actions as necessary; uses time efficiently. LanguagesNot available. Additional InformationNot available. No FeeTHE UNITED NATIONS DOES NOT CHARGE A FEE AT ANY STAGE OF THE RECRUITMENT PROCESS (APPLICATION, INTERVIEW MEETING, PROCESSING, OR TRAINING). THE UNITED NATIONS DOES NOT CONCERN ITSELF WITH INFORMATION ON APPLICANTS’ BANK ACCOUNTS.