FSA spends £1m a year on 'headhunters'

According to figures obtained by IFAonline through a Freedom of Information request, the regulator has paid these businesses a total of £6.69m since 2007. The FSA said it did not use the term 'headhunters', but preferred 'executive search' firms. The spending peaked at £1.91m in 2010, while it has forked out £658,350 so far this year. The regulator spent more than £100,000 alone on a company asked to find a suitable replacement for former head of enforcement Margaret Cole. Ultimately, it opted for an internal hire - Tracey McDermott - who had already been doing the job for 16 mo...