Outlook: Roll up for derisory pay
Friday 16 January 1998
Unfortunately, these are not the sort of jobs most people would want to take a pay cut to fill. Mr Davies has already attracted some big names from the capital markets and financial services industry to the main board of the FSA, but those positions are part time, non executive and prestigious - a good thing to have on the old CV. The ones he's now trying to fill are a couple of levels down, the anonymous hard grafters, not quite the foot soldiers but not much above senior officer rank either.
Regulators have always found it hard to attract employees from the other side of the fence, though there are notable exceptions. Andrew Winckler, chief executive of the SFA's forerunner, the SIB, is one, as is his head of the markets and exchanges group, David Pritchard. Both of them came from the City. But on the whole it's a one street with the signs pointing very clearly towards the glistening streets of the City. The Bank of England's supervision department has been a constant and happy hunting ground for the City's much more highly paid risk management positions.
The FSA obviously needs experienced practitioners if it is adequately to understand the often highly complex nature of the markets and businesses it has to regulate. Moreover, it is plainly in the City's interests that these positions be filled by people who understand what the City's about. There is little that could be more dangerous to the City's continuing prosperity than ignorant, hostile and overly onerous regulation.
The obvious solution is that of secondment. Plainly there are drawbacks to this approach. The risk of regulatory capture, where the regulator becomes tamed by the industry, is higher if the regulator is staffed by industry placemen on two year secondments than if peopled by those prepared to cross the fence permanently. All the same, the secondment system is said to work well for the Securities and Exchange Commission in the US. There a stint at the SEC is regarded as an essential stamp on your passport to the top. The FSA needs to aspire to similar status.
Justin Bieber was one of the hardest hit
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...