A story in the Financial Times today, which followed a Freedom of Information request showed only 50% of those surveyed gave a positive response to questions about the agency’s leadership just three months after former CEO Martin Wheatley was effectively ousted by Chancellor George Osborne.
Wheatley’s resignation followed the news his contract would not be renewed in July last year, following an era of record-breaking fines on banks and financial institutions.
After the Conservative victory at last year’s election, Osborne offered a new “settlement” with the City of London effectively signalling a new regulatory era. Andrew Bailey, the current head of the Prudential Regulation Authority at the Bank of England has subsequently been appointed.
The FCA Board Minutes revealed members felt the survey results were generally positive given the disruption Wheatley’s resignation had caused.
The survey also revealed that only 44% of FCA staff gave a positive response to questions about recruitment, retention and development, 6% less than the average at financial services companies and 3% worse than the preceding year’s FCA survey.
Responses revealed more staff satisfaction on the FCA’s values, their well being and relationship with line managers, with 80% or more giving favourable responses.
However, FCA figures show staff turnover rates are at a three-year high at 11.8% per annum.
