FCA Staff Disgruntled with how UK Regulator is Run: FT

Financial Times survey reveals FCA staff discontent over leadership.

A new survey has revealed that around half the staff employed by the Financial Conduct Authority (FCA) have expressed their dissatisfaction over the way in which the organization is run. It was also found that unhappiness levels related to the ways of the FCA had deteriorated further compared with two years ago.

According to a Freedom of Information request from the Financial Times, just half of the 2,272 staff who responded to the survey said they held their employer in positive regard. When the same survey was conducted in 2014, 57% of those questioned said they regarded their employer in a positive light.

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The survey was conducted three months after the resignation of former chief executive Martin Wheatley in July 2015. Chancellor George Osborne installed Andrew Bailey as the FCA’s new head in January 2016, commenting that “a different leadership” was needed at the watchdog.

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Further findings from the survey revealed that only 44% of FCA staff gave a positive response when asked about recruitment, retention and development, six percent less than the average found at financial services companies and three percent worse than the preceding year’s FCA survey.

The FCA’s board has since discussed the results of the survey and concluded that there were some areas for development that related to leadership, operational efficiency and career and talent management. The executive had reviewed the results and devised a simple action plan focusing on re-communicating the strategic direction, ensuring time and focus were given to people matters and business execution and enablement.

Overall, the board felt that “the survey results were relatively positive given the disruption and change that had occurred during the year generally and particularly at the time the survey was conducted.”

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