The main goal of the article is to formulate an approach to appraisal of managerial staff activity from the standpoint of manager’s working time as scarce resource and extent of efficiency of its utilisation, and the issue of optimal allocation of managerial load in the control system.

This paper considers the need for a more pro active approach which facilitates greater on site work being carried out by supervisors – as highlighted in the Legal and General Case. It also considers the recommendations made to the UK’s regulator - the FSA, and in particular to the FSA Board,...