James Moore: Shades of grey bring wisdom to new financial watchdogs

Outlook Disturbing figures were released yesterday suggesting that both of Britain's new City watchdogs are facing difficulties when it comes to retaining staff. Turnover from the Financial Conduct Authority, at an annualised 12 per cent, and the Prudential Regulation Authority, 11 per cent, is close to double that in the last year of the Financial Services Authority.

Partly this is due to the increasing status and salaries given by banks to compliance staff – and who better to hire than somebody from the regulator.

There's also nothing like upheaval to get people thinking, particularly if they're not best pleased with where they have landed in a new organisation.

All the same, immersed as they are in a the set-up of a new system, bosses at the new watchdogs need to be alive to issue.

Experience is both invaluable and difficult to come by, and grey hairs are handy to have around. Not least because the people who possess them tend to have lived through past mistakes and could help to prevent a repeat, if those at the tiller would care to listen to them.