Only around half the FSA’s 2,740 staff expect to be working at the regulator in two years time, according to a confidential staff survey.
Asked what they intend to be doing in two years, 54 per cent anticipate that they will still be at the regulator while 34 per cent expect to have left.
Chief executive Hector Sants revealed the results of the annual survey to Plaid Cymru MP Adam Price in response to a Parliamentary question.
Sants said staff turnover at the FSA was 13.3 per cent in 2007. He put this down to the FSA’s performance management process and headhunting from other institutions.
Sants said: “We recruit a large number of experienced hires with direct market experience. Equally, industry values the skills and knowledge that people gain by working at the FSA. This cross-fertilisation between the firms and markets we regulate and the regulator is important for the depth and breadth of knowledge within the FSA and helps to ensure that we have the skills to regulate effectively. Inevitably, this leads to some staff turnover which we consider to be positive and healthy.”