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FCA reviews recruitment strategy as staff turnover continues to rise

FCA staff turnover is continuing to rise as the regulator reviews its recruitment strategy, its annual board minutes show.

The FCA minutes from its February board meeting, published yesterday, show the level of recruitment had not met expectations.

Last month, a National Audit Office report warned high staff turnover rates at the FCA risked undermining confidence in the regulator.

Staff turnover was 9.7 per cent at the FCA in 2013. The report found more than a third of staff at the FCA have less than two years’ service at the regulator and its predecessor the FSA.

The board minutes state: “The level of staff turnover was within tolerance but was continuing to rise. Supervision was working closely with HR to adopt a more strategic approach to recruitment.

“The executive intended to include information on the quality of performance of staff leaving and would aim to include some information in future management information reports.”

The FCA increased its annual budget by 3 per cent in 2014/15 from £432.1m to £446.4m, with almost a third of the costs falling on advisers.

The regulator underspent by £10m in its Budget this year, which the board say was primarily down to recruitment not meeting projections.

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Comments

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

  1. Is the problem the FCA’s recruitment strategy (the most likely solution to which will be to offer even higher salaries and more generous ancillary benefits ~ and why not when there’s an endless supply of OPM?) or is it that, once there, new recruits find that they don’t like the job or the way the place is run?

  2. I am told that Ex employees have commented that they found it hard to accept the general contempt they were regarded with by the outside world and the level of disorganisation which made it impossible to feel any sort of job satisfaction most of the time.

  3. Careers site doesnt even have a telephone number so cant discuss anything about role in advance; job descriptions rarely maych actual requirementd of the role and interviews represent a la co-op chairman scenario. Its therefore amazing that churn is as low as it is!

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