Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FSA saw mass staff exodus in run up to its demise

FSA saw mass staff exodus in run up to its demise

Former City regulator the Financial Services Authority (FSA) suffered a staff exodus in the 12 months before its demise.

Wealth Manager can reveal that in the year before the FSA’s duties were transferred to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), some 434 employees decided to quit the watchdog.

Only a handful of staff was made redundant. Of these, the departments most affected were its chief executive’s office, the chairman’s office and operations.

The FCA revealed last week that former chief Hector Sants received a £300,000 pay-off on leaving, while outgoing chairman Adair Turner pocketed £252,000.

The FCA said it was unable to provide a breakdown of the exact number of employee exits and redundancies by specific department, but it released figures that offered a broad picture following a Freedom of Information Act request.

It said 434 members of staff left the regulator between 1 April 2012 and 31 March 2013, the day before the FSA’s handover to the FCA and the PRA.

The total excludes individuals who transferred to the PRA and the Bank of England, which now shares responsibility for the oversight of systemically important firms.

The FCA declined to comment.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter