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FCA to ditch Canary Wharf offices and move to Olympic Park

The FCA has agreed a deal to quit its Canary Wharf offices and move to the Olympic Park site in Stratford.

The regulator has secured a 20-year lease on a 430,000 sq ft site in the Stratford International Quarter development next to the Olympic Park.

The move is set to go ahead in 2018 when the FCA’s current lease ends.

The FCA board considered a number of options but chose the Stratford site based on factors including value for money and location, Money Marketing understands.

An FCA spokeswoman confirmed the move but declined to comment further.

In the FCA’s business plan for 2014/15, published this week, it listed accommodation and office services costs at £30.6m for the year.

This accounts for 7 per cent of its budget and compares to a cost of £32.9m for 2013/14.

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

Last month it was reported the regulator was considering a move to the Stratford site as well as an alternative Canary Wharf office block.

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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. Location? In one of the most insalubrious and run-down neighbourhoods in the capital (notwithstanding the Olympic ‘lipstick’), with lousy transport connections. (Central Line) I’ll bet the staff (who were probably not consulted) are going to be ecstatic. Their turnover is bad enough now; just wait till the move – better ensure the revolving door is well oiled.

    Why oh why not just move well out of London and save some real money?

  2. I always associated the other Stratford with The Comedy of Errors.

  3. Basingstoke. Perfect.

  4. Time will tell of the true cost, not only the rent but consider; moving costs, IT cost, stationary cost etc etc etc etc

    Mind blowing, and to add Harrys comment above, location then surly a move to the shires is much more sensible

    I presume they will still keep “Eddie from the borough”

  5. The ivy is strangling the tree. I think its time for the FCA to plan to scale down. Following numerous reviews including the endowment and pension reviews, FSMA 2000, PPI misselling, interest rate swaps and a whole host of other misselling and thematic reviews our sector is significantly smaller than it ever was and, broadly speaking, far more professional that it has ever been. I can only see it getting more professional and the new rules and regulation will inevitably slow down over the next 5-10 years. So why on earth commit to a 20 year lease on a 430,000 sq ft office in London? It’s barmey! I agree with other comments that the FCA should relocate somewhere cheaper like Basingstoke or Reading and with a decent break clause after 10 years.

  6. Never mind the shires, what about ‘up north’? Leeds, Manchester, Birmingham? There are plenty of places that the FCA could run the vast majority of it’s operations from that don’t cost anywhere near as much as London.

  7. slumming it then………..

  8. A quick decision to avoid the pressure that would mount to get them out of costly London offices. Shabby behaviour again from this shabby organisation.

  9. It is so obvious to me, move to Telford and reduce costs by 70%.

  10. As I have mentioned previously – the most appropriate venue is –

    The Scilly Isles.

  11. How about a little further south than the Scillies?

    I propose Tristan da Cunha.

  12. goodness gracious 3rd April 2014 at 11:18 am

    Harry, why do you think that Stratford has lousy communications? The DLR can get them back to Canary Wharf in no time, the city in less time than at present and West Ham Stadium in even less time.
    Mind you, Basildon is much better, nearly as much slumming as Stratford, plenty of unmarried mums to give jobs to, they can tick boxes as well as anyone, but only a few miles from the M25 to actually get out to the people they regulate, rather than sit in an ivory tower block and just view things from a theoretical point of view. If a real, non threatening dialogue happened regularly between the regulator and the regulated, deeper understanding of both sides point of view would occur. Perhaps the answer is to take up Warren Buffet’s example and only have a tiny employed stationary staff and hardly any office space. the rest, numbers reduced, can be out there to stop rip off payday lenders, fraudulent investment firms, cheats and thieves. Let a regulator deal with disclosure to aid transparency, minimum educational qualifications, as well as ethical standards of behaviour, from an office, and get the rest to deal with the transgressors.
    What an opportunity this move would be to shake up the regulator, stop them proscribing actions to the nth degree, accepting advice will be different, recognising that client risk management is not a numerical system, and only those who need low or no risk investments and are sold much higher risk ones, have any right to protection from the regulator.

  13. They need to attract the staff, especially for GCD, which is probably why they are staying in London, when I was there they had massive difficulty attracting any lawyers

  14. Oh sorry PWJ, I forgot that no one is educated at all north of Watford.

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