Recommendation 123

We received evidence that frequent personnel changes in a firm’s supervisory team reduce the pace of supervision. Aon told us that: “the high turnover of the FCA means supervisory teams are frequently changing; new supervisors are having to familiarise themselves with their brief quickly, which can lead to a delay in decision-making.” 198 Such delays in decision-making may slow the development of new products, constraining the growth of UK financial services firms. ClearBank told us that: “Well trained, experienced and stable supervisory staff are required to support new and complex products and services. Regulators should implement staff retention schemes to ensure that staff with necessary experience and seniority are available.” 199