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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.”



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There are 9 comments at the moment, we would love to hear your opinion too.

  1. THEY’RE unhappy? They should try being the ones who have to pay for it 🙂

  2. Sounds like working for Towry

  3. I’ve sat with my fingers hovering over the key board, with some kind of response to this article, this may be a 2 pipe problem as Mr S Holmes would say !

    But in the meantime, 3,000…….3,000……. 3 bloody thousand employees, their like fleas on a cat in dire need of a good dose of frontline !

    • You are aware that there are 4.5 million people working in financial services in the UK right? Its our nations largest contributer to our GDP. Some of the banks have c.30,000 employees alone!

  4. The FCA spin on this will be that when we asked are customers the dissatisfaction score of 100% with the leadership of the FCA . We listened and this survey with our staff shows that our dissatisfaction score has reduced to 50%. While more can be done we are moving in the right direction.
    Saying that the problem is easily resolved what is required is an increase the fees to our customers they have to pay for our services and give above inflationary pay rises to the staff. That should keep them happy.

  5. Did anybody understand a bloody word of the FCA board’s response quoted above ?

  6. The FCA response could have been written by Sir Humphrey Appleby.

  7. I forget who it was at the FCA who said “we are not here to be liked” …. how true !…. it seems now, that they don’t even like themselves.

    “we are not here to be liked” is, correct, they are not there to be liked, however they do have the duty also to be “trusted”, “conduct themselves with fairness and integrity” and above all be “respected”…… just not being liked, is not, on its own, good enough !
    Trust, fairness, integrity, and respect have come from the top down….. all we seem to get is, greed, self promotion, miss-management, miss-understanding and right at the top of the pile is Miss-McDermott !

  8. If you run a large organisation and the people you employ are dissatisfied or unhappy that doesn’t auger well for good outcomes. No one is saying that they should be deliriously happy in the work, but a complaining workforce will inevitably lead to complaining customers – as we can so often see on this site!

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