Financial Services Authority reduces staff to get top talent
17 August 2007 19:00
The Financial Services Authority (FSA) has announced that it plans to focus on attracting more high quality personnel and reduce its number of staff.By cutting staff numbers the FSA hopes to free up funds to invest in highly qualified people and it is expected that it will reduce its headcount at the enforcement staff unit by 20 per cent.
This is part of a wider scheme to reduce the FSA workforce overall by ten per cent by 2010.
The FSA is planning to bring in recruits from the top legal and accountancy firms.
An FSA spokeswoman said: "It's about having fewer, but better qualified, more experienced people."
However, some people are sceptical about using such a strategy to acquire the top talent.
Partner at Herbert Smith and former FSA director of enforcement David Mayhew told Times Online: "Regulating market abuse is notoriously resource heavy. Any cut in staff levels must lead to concern that this will be under-resourced."
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