Recommendation 116

Hani Kablawi noted that for BNY, “The PRA has been strong and solid. Its ability to retain people has been good. We build relationships with team members there at different levels of management and supervisory management, and there is continuity.” 182 The discrepancy between the quality and level of supervisory engagement between the largest organisations and the majority of regulated firms was noted by Anna Dunn, Chief Executive Officer for the Commercial and Investment Bank at JP Morgan UK, who told us: “the level of expertise, professionalism and knowledge of our supervisors is very high and compares favourably with other international jurisdictions. … The FCA regulates 42,000 firms. Not all of those 42,000 firms have the degree of interaction that we have.” 183