In 2010, the UK Financial Services Authority (FSA) eclipsed its self-imposed staffing budget by £3.4M. Despite exceeding its budget, the FSA still could not meet demands in recruitment of its much needed permanent specialists.
A future of uncertainty for the FSA is thought to be the catalyst for the lack of qualified, permanent professionals seeking jobs with the regulator. The amount of contractually hired workers in recent months has far exceeded the amount of salaried hired workers. In 2011 the FSA has hired approximately 500 new employees.
Compounding the issue has been the FSA’s increasing staff turnover rate. In 2010 the rate surpassed 10%; more than double the rate in 2009.
Officials at the FSA have publicly recognised that difficulties in hiring permanent qualified professionals are expected as regulation continues to be a hot issue and demand for these professionals continues to increase. An industry demand has left the FSA to compete with other employers across the sector in the hiring of qualified professionals, giving the potential employees complete leverage in the matter.
Also included in an annual report released by the FSA was the salary of its C.E.O. Hector Saints. The officer earned in excess of £806,810 which included over £300,000 of bonuses.
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