Campbell & Fletcher Recruitment have recently supported several new to market banks with their recruitment through their mobilisation stage. This can be an incredibly stressful time for the bank. It is being closely scrutinised by both the PRA and FCA. Mobilisation ideally should take less than 12 months and, in our experience, new banks often underestimate the amount of time they will spend in mobilisation. In particular, the amount of time it takes to build, test and implement IT systems can be a lot greater than expected.
During mobilisation new banks will be expected to develop an effective operational infrastructure as well as demonstrate it has a positive and inclusive culture. They will also need to meet their capital and liquidity requirements set for the period. They will also need to confirm they have made their key hires: Chief Executive Officer (CEO), Chair of the Board, and one other executive SMR holder (for example a Chief Financial Officer).
Bearing all this in mind we worked closely with the banks to deliver a combination of perm, contract and day rate candidates. It is an art to make sure the relevant talent is in place without burning through the cash and not meeting the capital requirements set down by the FCA. As part of this process we created a timeline of key hires as well as having an overview of the people plan, We consulted with the senior team and created a talent ‘wishlist’ in priority order underpinned by a robust budget.
Both banks subsequently exited mobilisation and went on to get their full banking licence.