Staff exodus doubles at regulator
Share
The number of staff who have left the FSA over the last year has almost doubled compared with the previous year ahead of the move to the new regulatory structure.
Over the past 12 months, 352 employees quit the regulator compared with 181 the year before, a Freedom of Information request by The Independent has revealed. Since October, when departures peaked at 38 for the month, the regulator has seen around 30 staff leave each month. March was an exception, with 16 people leaving, reflecting that staff forego bonuses if they quit before April 1.
FSA human resources dir- ector Kathleen Reeves says: “Staff turnover levels fell during the financial crisis but are now starting to return to the level you would expect as recruitment picks up in the financial services sector.”
Former head of risk Sally Dewar left the FSA in January to join JP Morgan Chase while former managing director of supervision Jon Pain left in the same month to join KPMG. Insurance sector director Ken Hogg has also quit to join reinsurer RGA.
Highclere Financial Serv- ices partner Alan Lakey says: “There is no way of avoiding the knock-on effect that staff departures will have on reg- ulated firms. People joining will have to be trained, which will take resources which could be used elsewhere.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
