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Prudential Regulation Authority to be based in Moorgate

The Prudential Regulation Authority’s new headquarters will be in Moorgate and cost up to £1m a year more than remaining at its current Canary Wharf base.

The Bank has signed contracts for 20 Moorgate until 2027. It says the annual extra costs of the property will be “less than £1m per year over the next 15 years” when compared to the new regulator continuing to operate from the FSA’s Canary Wharf headquarters.

The Financial Services Bill, currently going through Parliament, will split the FSA into two new regulators, the PRA and the Financial Conduct Authority. The PRA will be a subsidiary of the Bank of England. In a statement the Bank says it is important the two new institutions are near to each other.

It says: “The PRA’s physical location will be important in linking its responsibility of prudential supervision of individual financial institutions to the monetary policy, market operations and financial stability functions of the Bank. The benefits to be gained from strong links between these functions mean that locating PRA staff close to the rest of the Bank is highly desirable.”

The Bank is unable to release further details of the deal or when the PRA will move to the new property.

Shadow Treasury financial secretary Chris Leslie raised concerns over the cost and the lack of publicly available information about the deal during Parliamentary debates over the Financial Services Bill.

The Bank, advised by Drivers Jonas Deloitte and Clifford Chance, has signed contracts on the property from the current tenant J.P. Morgan, who were advised by IVG, Jones Lang LaSalle and CMS Cameron McKenna. The building was originally constructed in 2001 and provides 150,000 sq ft of office and support space.



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There are 6 comments at the moment, we would love to hear your opinion too.

  1. Other peoples money is so very easy to spend.

    I tend to get moderated every time I use the word ‘corruption’ on these forums so I won’t today.

  2. Derek Bradley ceo PanaceaIFA 30th April 2012 at 1:07 pm

    An interesting question to ask would be how much empty space will be left in Canary Wharf, for how long and at what cost.This may assist with value perception calculations.

  3. Might be apt !!!

    Its very close to the old Bethlem Royal Hospital so they wont have far to walk home !!!

  4. Larry in London 1st May 2012 at 11:57 am

    For a moment I thought it said Margate.

  5. Julian Stevens 2nd May 2012 at 10:10 am

    So what proportion of the FSA’s present 4,000 employees will be relocated to Moorgate? Surely this presents a good opportunity for the FSA to assess whether or not there’s any reasonable justification, not least on cost grounds, for all the people who’ll be employed by the FCA to remain in situ at Canary Wharf.

    Both in terms of office overheads and salaries, a fortune could be saved by relocating all but the senior management to vastly less expensive premises well outside London, in line with the FSA’s statutory obligations to “use its resources in a way that gets the most value out of the effort that it makes”.

    But then, as we know, the FSA appears to have a handy exemption from any obligation to observe its statutory obligations and nobody, least of the TSC, appears able or willing to try to do anything about it. The TSC seems totally oblivious to the very existence of the Statutory Code of Practice For Regulators, despite the fact that Pat McFadden, who penned its foreward, is now part of the TSC.

    And the NAO isn’t interested either ~ all the NAO does is cast a cursory eye over the FSA’s books and, provided they balance, it just signs everything off as okay. Were the terms of the NAO’s appointment worth a light, it would surely question items such as the FSA’s £1m stationery bill, its £567,000 hospitality bill, its £20m+ bonus pot and all sorts of things such as those. But it doesn’t so, once again, all we see is another hollow, token sham of accountability. If the NAO did try to question items such as those mentioned above, the FSA would probably tell it to keep its nose out of things that don’t concern it and stick to its extremely limited brief. It’s a very bad joke ~ and all at everyone else’s (huge) expense.

  6. Jolly good idea

    As Moorgate is where all thae bankers are (that’s not cockney ryming slang) they will be able to bump into each other over lunch and sort out all the problems over a 67 Lafitte and a little light tucker thereby saving the country Billions.

    Huzzzaaahhhh we shall all be saved!!!

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