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FCA staff turnover doubles in first six months

FCA staff turnover is nearly double the levels seen in the final year of the FSA with an annual rate of 12 per cent of employees leaving in the first six months.

A Freedom of Information request by Reuters shows that since its formation in April, FCA staff have left at an annual rate of 12 per cent while the PRA has seen an 11 per cent turnover when worked out over a year.

The FCA provided data covering its first six months through the end of September and the PRA provided data for its first five months through the end of August.

Staff turnover in the final year of the FSA was 6.9 per cent and averaged 7.8 per cent turnover per year for the past five years.

The FOI showed 162 out of about 2,575 staff left the FCA during its first six months of operation while the PRA lost 50 out of about 1,080 employees, including 11 temporary workers, in its first five months.

A total of 22 FCA staff were not replaced but the PRA has 37 fewer staff than when it was first created.

Consultants say pay in the sector is rising and regulators have to do more to attract and retain staff.

A think tank of former central bankers, the Group of Thirty, chaired by former European Central Bank President Jean-Claude Trichet, said recently that supervisors should be paid more.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Now this is good news at this rate, it wont be long they have all gone !!

  2. Golden goodbyes all round!

    Then all back onto the gravy train to be “paid more”

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