Shakeout helps FSA recruit staff
Thursday 04 February 1999
Howard Davies, FSA chairman, said yesterday that with more people coming on to the jobs market, the gap that led the authority to underspend its budget by pounds 10m last year was close to being closed. Average pay in the City rose by 5 per cent last year, he said.
"The difficult areas where City salaries have raced away are lawyers, accountants and compliance officers in the securities area. These have been difficult to recruit over the past 12 months," he said.
The SFA head count is now up to 1,800, 4 to 5 per cent below the target of 1,900. Last June, turnover hit 20 per cent. "Mergers and down-sizing have been putting on the market the kind of people we would recruit," Mr Davies said.
The high turnover caused by integrating the various regulators, the move to Canary Wharf and the difficulty in finding replacements has put unacceptable pressure on existing staff and delayed some projects.
The FSA claims to offer salaries competitive with comparable City firms, but it cannot match the large bonus elements of City packages.
The higher staff level means that the control total for the FSA budget next year will rise by 9 per cent to pounds 158.5m, although that figure is just 1.9 per cent higher than the pounds 145m the FSA would have spent if it had had its full staff complement in 1998/99, a fall in real terms. Salaries are the biggest item in the FSA budget, accounting for pounds 104.6m or 66 per cent.
Mr Davies said the costs associated with the move to Canary Wharf were pounds 13m last year, but savings in terms of lower support costs were already being made.
The banks have also gained a one-off saving of pounds 30m as a result of the shift to the FSA's fee-based system.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...