View more on these topics

Staff exodus gathers pace at regulator

The FSA saw staff resignations rise by 128 per cent in the second quarter of this year after the Government unveiled plans to break up the regulator.

A total of 121 staff quit from the start of April to the end of July, compared with 53 resignations in the same period last year, according to data from Reynolds Porter Chamberlain obtained under a freedom of information request.

This represented a 95 per cent rise on the 62 resignations seen in the first quarter of this year, the law firm says.

The total number of staff to quit in the first half of the year was 183 – more than the total number of resignations in 2009.

A total of 3,600 people work at the FSA and the regulator says while 121 staff quit in the second quarter 328 people accepted jobs during the same period.

RPC partner Jonathan Davies says: “This kind of exodus cannot have a positive impact on the FSA’s ability to function.”

Chancellor George Osborne announced plans to give many of the FSA’s powers to the Bank of England in his first Mansion House speech on June 16, with the rest going to a new Consumer Protection and Markets Agency.

Hunter & Co founder Robin Hunter says a situation where staff jump several times between working in the private sector and working for a regulator could be a concern. He says: “The worry is people jumping from gamekeeper to poacher and back again.”

He adds the FSA exodus might also reflect an announcement in late June that FSA staff who move to the Bank of England will not be included in the bank’s finalsalary pension scheme.


LVAM appoints head of sales

LV= Asset Management has appointed Matthew Wright as head of sales. Wright joins from Fidelity International, where he was head of discretionary business. He will report to Ann Roughead, managing director at LVAM. LV= says Wright is planning to hire further members to his six-strong team, which currently includes three regional sales managers, a national […]

St James’s Place to offer Primrose compensation

St James’s Place is to offer compensation to clients who lost out following the collapse of Primrose Associates. The wealth manager is writing to the affected investors who lost over £4m of transferred client funds when the broker went bust, according to reports in the Mail on Sunday. Primrose Associates was put into liquidation in […]

Just Retirement sales jump 33% to £1bn

Just Retirement has reported a 33 per cent increase in annuity and equity release business to £1bn for the 12 months to June 30 compared with £753m the previous year. Annuity business rose 36 per cent to £804m for the year compared with £590m while equity release sales saw a 21 per cent jump to […]

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm