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FCA to ditch Canary Wharf offices and move to Olympic Park

The Financial Conduct Authority has agreed a deal to leave 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 Queen Elizabeth 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.

A spokeswoman for the regulator confirmed the move but declined to comment further.

In the FCA’s business plan for 2014/15, published last 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 with costs of £32.9m for 2013/14.

The figures relate to the regulator’s offices in Canary Wharf and Edinburgh.

Last month, it was reported that the FCA was considering a move to either the Stratford site or an alternative Canary Wharf office block.

Thameside Financial Planning dir-ector Tom Kean says: “It is welcome to see the regulator agreeing a move to what I hope will be more modest offices, which offer better value for money.”

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