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The FSA (Financial Services Authority) are reportedly relocating to a new office in Canary Wharf, central London, in a move that will enable them to hire an additional 460 financial services staff.

The new staff will provide additional support for regulation of the financial sector in a more 'confrontational' approach.

Recruitment is with immediate effect, however the move has been described as 'bold', as the FSA's future is said to be uncertain depending on the results of the forthcoming General Election. Reports suggest that the Conservatives plan to hand over financial regulation to the Bank of England rather than keep the FSA.

Hector Sants, FSA Chief Executive said:

"This proactive approach to supervision requires significantly more people than the old reactive model and those individuals must be of a higher quality and supported by more sophisticated systems."

Annual staff costs will rise by £47.7 million to a reported £350 million.

Published by Jo on Wednesday, 24 March 2010 at 2:07 PM