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.