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FSA defends £200,000 Christmas party spending spree

The Financial Services Authority has defended it decision to spend over £200,000 on three Christmas parties, claiming it was good for staff morale.

A freedom of information request reveals the FSA spent £214,159.50 entertaining its 2,800 staff at three Christmas parties last year.

An FSA spokesman says parties were held for three of the FSA’s four business units – the operations division, direct report arm and the retail division – with the wholesale unit deciding against a large party instead opting for smaller departmental events.

He says: “It has been a difficult year for the FSA and across the whole industry and as is the case in any organisation, Christmas parties are an important way of maintaining staff motivation and morale so we hold them here like any organisation would.

“Hopefully people would appreciate that events like these are held because they are good for staff and its moral boosting an motivating. If you look at any organisation they all do something around that time and we obviously do the same here and mark Christmas.”

The spokesman says the cost of any party is covered by an area’s budget and it is up to individual area how much to allocate to staff entertainment.

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