Half of FCA staff unhappy with leadership

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Half of the FCA’s staff are dissatisfied with the leadership at the regulator, according to a survey of employees.

A Freedom of Information request from the Financial Times found that just 50 per cent of the more than 2,000 staff who took part in the survey are happy with the leaders.

The survey was carried out three months after former chief executive Martin Wheatley left the regulator. The hunt for his successor took months, with interim chief executive Tracey McDermott being tipped for the role, but later revealing she did not want the position.

Andrew Bailey, chief executive at the PRA, was then confirmed as FCA chief executive in January.

The survey results are 7 percentage points lower than the same survey in 2014, and 7 percentage points lower than the average rate for financial services firms. However, the results are 5 percentage points higher than the public sector average.

The survey had 2,272 respondents of the FCA’s 3,000 staff.

An FCA board meeting in January discussed the survey results, with the board stating: “There were some areas for development that related to leadership, operational efficiency and career and talent management. The executive had reviewed the results and devised a simple action plan focusing on re-communicating the strategic direction, ensuring time and focus were given to people matters and business execution and enablement.

“The survey results were relatively positive given the disruption and change that had occurred during the year generally and particularly at the time the survey was conducted.”