FSA hit by staff exodus
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The number of staff who have left the FSA over the past year has almost doubled on the previous year, ahead of the move to the new regulatory structure.
A Freedom of Information request submitted by The Independent has revealed that over the past 12 months 352 employees quit the regulator compared to 181 the year before.
Between April and September last year 187 people left the FSA, more than the number that left over the entire previous year.
The FSA says the number of staff leaving is in line with levels seen before the financial crisis to reflect a pick up in financial services recruitment.
In 2008/09 206 regulator staff quit, compared to 326 employees who left in 2006/07.
FSA human resources director Kathleen Reeves says: “Staff turnover levels fell during the crisis but are now starting to return to the level you would expect as recruitment picks up in the financial services sector.”
The regulator has been hit by a spate of high profile departures over recent months.
Former head of risk Sally Dewar left the regulator in January and will join JP Morgan Chase’s London office in June to work within its risk division.
Former managing director of supervision Jon Pain also left the FSA in January, and will join KPMG as a partner in July as part of a division that collects information on financial services regulatory developments.
Last month also saw the departure of insurance sector director Ken Hogg, who left the regulator to join reinsurer RGA as chief actuary and financial officer for the UK.
It comes ahead of the planned transition to the new regulatory structure, which will see the FSA replaced by two new bodies, the Prudential Regulation Authority and the Financial Conduct Authority.
The restructure is expected to be completed by the end of 2012 or early 2013.
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Readers' comments (29)
Patrick Schan | 26 Apr 2011 12:38 pm
It should have been a lot more.
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Hugh Jeego | 26 Apr 2011 12:40 pm
The Party`s over, it`s time to call it a day. Can`t remember the next line but I think it`s something like, we`ve found a proper job now where rules will restrict us for what we may do.
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Norm d'Plume | 26 Apr 2011 12:58 pm
Would those remaining like to follow suit?
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Mr Smug | 26 Apr 2011 1:15 pm
We like to mock FSA employees but those I have dealt with appear to be decent and intelligent people. I suspect that they are becoming increasingly uncomfortable at the regime they are being asked to enforce.
How can you have any job satisfaction when you know that you are working within a fundamentally corrupt system. You can't so you get out.
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FSA staff are normal decent people | 26 Apr 2011 1:29 pm
I live in the Managerial Age, in a world of "Admin." The greatest evil is not now done in those sordid "dens of crime" that Dickens loved to paint. It is not done even in concentration camps and labour camps. In those we see its final result. But it is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voices. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the office of a thoroughly nasty business concern.
C. S. Lewis
English essayist & juvenile novelist (1898 - 1963)
Of course the FSA staff are normal decent people so too are the 30% of IFA's binned as a result of RDR.
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Simon Mansell | 26 Apr 2011 1:34 pm
But many FSA staff will land on their feet in the industries they once regulated. On the other hand 30% of RDR culled IFA's, with an average age of 54 are destined never to work again!
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Sterto | 26 Apr 2011 2:57 pm
Simon Mansell | 26 Apr 2011 1:34 pm
Unfortunately its about supply and demand, poorly qualified ex-ifas are not really in demand however ex-regularity staff are hugely sought after by a host of organisations.
And to be fair they are probably more professional and more qualified to ply their trade elsewhere.
That’s just the way things work.
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Nick Bamford | 26 Apr 2011 4:02 pm
Just a thought but if any of them are looking for a new job can I suggest they join NPI because that firm needs someone to give their clients some service as they currently employ no one who seems to want to do so.
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Anonymous | 26 Apr 2011 4:10 pm
sterto alias fsa stooge
no one is forcing fsa staff to RE qualify or quit.
Furthermore, if they did WANT to gain a few more qualifications this would all be paid for on that neverending expense sheet which is funded bythe IFA's you so clearly despise.
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Incompetent Regulators Awards Team | 26 Apr 2011 5:03 pm
What about the poorly qualfied FOS adjudicators and ombudsmen passing jusgements or more highly qualified IFAs? Making humongous mistakes which others pay for. How sad when they think they are actually doing something they think is good.
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