The Financial Conduct Authority's board has warned the regulator must stay watchful over potential staff departures as its new chief executive looks to drive through a bold new programme for change.

The nine-person board tasked with holding the UK's financial regulator to account has highlighted the "challenge" of implementing ambitious plans to reform the watchdog, set out by new head Nikhil Rathi, "whilst continuing to foster staff pride, retention of top talent and motivation".