View more on these topics

FCA may quit Canary Wharf offices

The FCA is looking at quitting its Canary Wharf offices and moving to the Olympic Park site in Stratford.

The regulator is reportedly considering moving its offices to The International Quarter, a new development between Stratford station and the Olympic stadium.

This is Money cites a report from Estates Gazette which says the FCA’s current lease ends in 2018 and that the regulator has begun looking for an alternative.

It is thought to be considering both the Stratford site and an alternative Canary Wharf office block.

In the FCA’s business plan for 2013/14, published in March 2013, it listed accommodation and office services costs at £32.9m for the year. This accounted for 7 per cent of its budget.

The costs relate to the FCA’s offices in Canary Wharf and Edinburgh.

The budget said: “A large proportion of these costs are fixed to current contracts, so remain largely inflexible in the short term.

“In 2013/14 we will commence work on our longer-term property strategy in anticipation of our Canary Wharf lease expiring in 2018.”

A spokesman for the FCA says: “Our lease is up in four years time and we are considering all the options to make sure we get the best value for money.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Derek Bradley ceo Panacea Adviser 24th March 2014 at 9:03 am

    And the move cost will be?

  2. Who will pick up the costs for this move?

  3. If this is the case; then at what cost ? and why London ? why not a cheaper location in the shires ?

    Circa £33 million is to much to house these buffoon’s who sit around all day picking their noses and scratching there saddle sore red arse’s !!

  4. The FCA move decision should be based on least cost and not prestige. We can already anticipate the arguments that they need to be in the City and need to have posh premises. Hogwash, they could reduce their accommodation costs by half and still improve their performance.

    Investoraction.wordpress.com

  5. goodness gracious 24th March 2014 at 10:17 am

    Good move. Mind you why not move as far east as Basildon where the transport links to London are great and rents are much lower?
    Barclays had a load of their offices in Stratford area and decided to relocate to Basildon. Unfortunately they decided to shut up shop and become appointed reps of L&G before the mega building in Basildon was completed. Just goes to show that longer term moving plans be overtaken by events.

  6. If it reduces their fixed costs I’m all for it. However, I suspect they would save even more if they move further out of London, e.g. somewhere like Slough or Reading. The cost of their shoney crystal palace has to come down significantly for customers and advisers to improve value for money from the regulator.

  7. This is just putting lipstick on a Pig. How much will the rent be in Stratford compared to (say) MIlton Keynes, Reading, Croydon or Oswaldtwistle? With modern communication why is it necessary to have expensive London offices? The FCA (and the FSA before it) hired venues for meetings – some even in Canary Wharf.

    Perhaps it could move (with the Treasury) to the most appropriate location in the British Isles – The Scilly Islands.

Leave a comment