The FSA is facing calls to introduce fixed-term appointments for senior employees after head of investment policy Peter Smith became the latest high-profile figure to quit the regulator.
Smith (pictured) will leave in June to become director of policy at the Dubai Financial Services Authority. He joined the FSA when it was formed in 2001, from the Building Societies Commission. He has led the clampdown on the marketing of traded life settlement products to retail clients.
FSA chief executive Hector Sants is leaving the regulator at the end of June and former conduct business unit managing director Margaret Cole quit in March to join PricewaterhouseCoopers.
In April, a freedom of information request by Money Marketing revealed the number of permanent staff leaving the FSA has increased by 30 per cent from 330 in 2010 to 430 last year.
Syndaxi Chartered Financial Planner managing director Robert Reid says: “Giving senior staff fixed terms would at least provide a bit of certainty about the minimum length of time they will be in the job.”
Keyte Ltd director Robin Keyte says: “Introducing fixed-term appointments would bring some much-needed stability to the regulation of financial services.”
The FSA declined to comment on the issue.