FSA to cut enforcement team by 20%

The regulator says up to 30% of the enforcement team would leave this year, with new recruits from top city law and accountancy firms bought in. "It's part of our proactive evaluation and all about finding the right staff as we move into principles based regulation," an FSA spokesperson says. "It's not about trimming staff and not about cutting the budget; it is just part of finding the right qualified staff." The restructure began on 31 January and is expected to be completed by 1 November. It is believed the move is part of plans to trim the FSA workforce by 10% by 2010, from a starti...