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Tuesday 17th of August 2010

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August 9, 2010

FSA’s uncertain future produces staff exodus

by Gill Montia

Story link: FSA’s uncertain future produces staff exodus

The Financial Services Authority (FSA) has seen an “exodus” of staff in the past year, with resignations up 128%.

According to Reynolds Porter Chamberlain (RPC), 121 FSA staff resigned in the second quarter of 2010, 128% more than in the same period of 2009, when 53 staff left.

The new government is proposing to break up the regulator and the City law firm is concerned that another rush of staff handing in their resignations could mean it takes longer to obtain regulatory approval on key issues, such as launching a new business or appointing senior personnel.

Research from RPC already shows that the average number of weeks it takes the FSA to decide whether to authorise a company jumped 71% in the year to the end of March, to 19.5 weeks.

In addition, the quality of decision making by the FSA might decline.

RPC partner, Jonathan Davies, comments: “The reform of the financial services sector is not over and the City faces many challenges including banking reform and the implementation of Solvency II.”

He adds: “Until then stability at the regulator is important – the financial services sector and consumers aren’t getting that.”

 

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