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Move to RDR regime prompts exodus of regulator staff

An increasing number of FSA employees are quitting ahead of the move to the new regulatory structure, with 202 staff leaving between April and August.

The figure is 26 per cent up on the 160 employees that left the regulator over the same period last year.

In 2010/11, 352 staff left the FSA, almost double the 181 employees who left in 2009/10.

The FSA has had a number of senior resignations over recent months. FSA director of the international division Thomas Huertas is leaving the regulator at the end of the month to join Ernst & Young while director of markets Alexander Justham announced earlier this month he is stepping down due to personal reasons.

Other senior staff that have stepped down recently include head of authorisations Graeme Ashley-Fenn, head of risk Sally Dewar, managing director of supervision Jon Pain and insurance sector director Ken Hogg.

FSA acting director of human resources Jane Cathrall says: “Turnover has picked up since the crisis and these figures show the impact of what is traditionally the busiest period of the year for financial services recruitment. We continue to be able to attract high quality people to the regulator.”

Essential IFA managing director Peter Herd believes there will be a lack of experienced staff at the regulator.

He says: “If the FSA cannot recruit and retain enough suitably qualified staff, we should be worried.”

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