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FCA: Loss of key staff to industry is a concern

The FCA is concerned about the loss of key members of staff to industry roles, its annual report reveals.

The report says: “A loss of key people into the industry and staff turnover has been a concern this year.”

High-profile departures include former director of retail Christina Sinclair who left to join Barclays in July 2013, and former director of conduct policy Sheila Nicoll who left in April 2013 to join EY.

As a result of its concerns, the regulator undertook a review of non-pay related benefits which resulted in an increase in the holiday allowance for all staff, with the amount differentiated by grade.

In March, the National Audit Office reported staff turnover at the FCA was 9.7 per cent in 2013, and raised concerns this could damage confidence in the regulator.

FCA staff numbers remain stable, however, at 2,511 in 2013/14, compared to 2,451 for 2012/13. Without stripping out Prudential Regulation Authority staff, the total number of staff for 2012/13 was 3,596.

The FCA has recruited significant numbers of people to its enforcement and financial crime division, which had total staff of 427 in 2013/14, compared to 359 in 2012/13.

Overall staff costs rose from £210m in 2012/13 to £216.6m in 2013/14.

The FCA spent £2.8m on employee exit packages in 2013/14, up from £1.9m in 2012/13.

There were 44 compulsory redundancies, and 12 other agreed departures in 2013/14. This compares to 15 compulsory redundancies and 25 other agreed departures in 2012/13.

In 2013/14, there was one compulsory redundancy which involved an exit package worth more than £200,000, and another redundancy with an exit package of between £150,000 and £200,000.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. The only ‘key’ staff in this industry are the ones who bring home the bacon. They sit in front of the clients by the way. Look after them and you look after everything else. Fail them and, well……!

  2. Julian Stevens 10th July 2014 at 3:23 pm

    Yet still the FCA is overspending and ending up with a £2.9m deficit beyond its already stupendous budget. Hardly inspires confidence, does it?

    Will Clive Adamson be the next high profile departure to one of the banks of big accountancy firms?

  3. Here we go !
    Doesn’t this tell us a story, “key staff” (waste of space I call them) come in, dance round the greasy pole for a few years collecting a serious amounts of money (judging by todays announcements) then off to the next; albeit bank, auditor, accountancy firm etc etc etc
    Really what material difference do these people make in their time in office ? and at what cost ? just learned today the FCA have wasted 5.5 million to see if the RDR is working; yes 5.5 million quid in thematic reviews and bull squat in 18 months

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