Staff have been quitting the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) at nearly twice the rate seen prior to the move to split the regulator into two bodies, according to reports.
Data seen by Reuters has revealed both organisations have seen a dramatic uptick in staff turnover since the Financial Services Authority (FSA) was split in two earlier this year in the wake of a regulatory shake-up following the financial crisis.
Staff have been leaving the FCA at an annualised rate ot 12% and the PRA at a rate of 11%, according to data provided by both bodies to Reuters under the Freedom of Information Act.
This compares to staff turnover in the final year of the now defunct FSA of 6.9%. Over the past five years, it averaged 7.8% turnover.
The PRA provided data for its first five months to the end of August and the FCA provided data covering its first six months to the end of September.
From 2,575 staff at the FCA, 162 left during its first six months of operation. The FCA replaced most of the departed staff, with net staffing down by 22 people at the end of September.
At the PRA, headcount is down by 50 to 1,080 during the first five months, including 11 temporary workers. The overall headcount for the PRA at the end of September was down by 37 people.
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