The Bank of England is to introduce a new pay structure to better recruit and retain talent from April 2015.
The Daily Telegraph reports today [5 January] one in six staff at the Prudential Regulation Authority has left in the past year.
The Prudential Regulation Authority (PRA) is part of the Bank of England and is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms, setting standards and supervising financial institutions.
The Bank of England’s 2014 annual report revealed its intention to “create a reward scheme that will attract and retain talent while eliminating barriers to internal mobility” and in doing so “harmonise terms and conditions across the Bank, subject to due process of consultation”.
A Bank of England spokesperson told Recruiter the new pay structure is to be introduced from April.
She added: “We will create a unified pay system to create a reward scheme that will attract and retain talent while eliminating barriers to internal mobility so people can move from monetary policy to financial stability to markets at the PRA.”
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