Recommendation 125

Critically, however, the FCA and PRA provided evidence that retention at both regulators is now strong. The FCA noted that: “Our overall annualised voluntary turnover rate is currently running at 6.2%, which is the lowest since the FCA was established (with the exception of the year of the pandemic lockdowns).” 201 This represents a marked improvement, particularly relative to the FCA’s prior retention challenges. Sam Woods said of staff turnover rates that: “Currently they are at the lowest level they have ever been. The last annualised stat I have is 4.7%. I would like that to be slightly higher.” 202 This low turnover rate is a positive indication that the FCA and PRA are able to retain a pool of experienced policy and supervisory staff.