- Bailey says PRA has cut staff turnover to less than 10%
- Regulation staff often poached by banks for their expertise
The U.K.’s financial regulator is starting to get to grips with staff turnover as it tries prevent its top employees defecting to banks.
Andrew Bailey, chief executive of the Prudential Regulation Authority, told lawmakers in London that his specialized employees are in demand in the financial industry and that retention is an ongoing battle. A report by the National Audit Office in 2014 said that a quarter of those who resigned from the PRA were classed as “high performers.”
Staff retention has been a long-term issue at the Bank of England, where Bailey is a deputy governor, and has been highlighted in the institution’s annual reports. Bailey said staff turnover has improved and the PRA has reduced it to about 9 percent from 14-15 percent at the time of the audit in early 2014.
“This is an issue we always have to be attentive to because our staff are attractive to the firms we regulate and the consultancies,” Bailey said.