The Financial Services Authority (FSA) announced it will be moving into new London office space and taking on an additional 460 members of staff to increase the level of supervision over the UK’s financial industry, 100 of which are to be added to the enforcement section bringing the total enforcement team to around 600.
This increase in supervision was described earlier this month by the FSA as a ‘confrontational approach’. The increase in staff and the move to new London offices means the costs will increase by more than £47 million this year, taking the total to around £350 million.
The new London offices are located in the prestigious area of Canary Wharf. The signing of this office space lease has been described in many reports as a ‘bold move’ as the FSA’s future could be in doubt depending upon the results of the forthcoming General Election.
The FSA’s Chief Executive, Hector Sants, stated:
“This proactive approach to supervision requires significantly more people than the old reactive model and those individuals must be of a higher quality and supported by more sophisticated systems.”
This new ‘confrontational approach’ as it has been described includes a greater focus upon detecting and preventing insider dealing. Within the last twelve months, three separate cases have been successfully prosecuted by the FSA.
The role of the FSA is discussed in detail on the CeFA 1 and CeMAP 1 courses.