The FSA is looking to increase its staff levels by making use of more seconded personnel from the fi...
The FSA is looking to increase its staff levels by making use of more seconded personnel from the financial services industry itself.
The FSA's chairman Howard Davis said a blueprint had been created by the regulator and it would now try to encourage major firms to allow staff to be seconded.
Speaking at the FSA's first annual meeting held last week in London, Davis said there were confidentiality issues still to be addressed as the FSA handles market sensitive information. He stressed the FSA would be talking to the industry about the plan. The regulator currently has around 50 secondments, but the majority are from accountancy and legal firms and overseas regulatory bodies.
There are two clear advantage to a broader secondment policy for the regulator. In the first place the seconded staff are paid by their original employer, not by the FSA. Secondly, the FSA said it has a problem with recruiting staff who subsequently leave to work in the financial services industry, which is far less likely to happen under secondment.
Davis also announced the FSA was to recruit a third managing director to take responsibility for consumer relations, insurance and investment regulation.
He added: "The new post will considerably strengthen the FSA's decision-making and overall management structure. It will bring a stronger focus on retail regulation and consumer education to our board discussions."
It is also to begin recruiting for a chairman for its new regulatory decisions committee, which will be at the pinnacle of the FSA's enforcement, authorisation and key regulatory decision-making.
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