FSA seeks staff with market-based experience

by Gill Montia

Story link: FSA seeks staff with market-based experience

The Financial Services Authority (FSA) wants to increase its budget by around £15 million this year, to allow it to raise staff numbers.

The Authority is looking for some 100 new appointments, following its admissions of failure over the Northern Rock crisis.

It is understood that the internal audit into the collapse of the mortgage bank highlighted weaknesses in the FSA’s supervisory capabilities.

The regulator is now planning a programme of training to improve the performance of its existing staff but is also keen to recruit new people with market-based experience, particularly in trading risk.

Currently, the FSA has 506 staff working in its supervisory division and high salaries may be needed to entice some of the City’s traders to join them in public-sector work.

The authority employs around 2,000 staff in all and its 2008 budget, which is paid for by a levy on financial institutions, is around £323 million.