FCA to bring 100 roles to the north
The Financial Conduct Authority (FCA) has said in its first annual plan since Nikhil Rathi joined as chief executive that it is committed to being more innovative and adaptive and that it is planning to open an office in Leeds.
The business plan which looks sets out how the organisation sees its future role and priorities notes that as the national regulator the FCA is committed to developing a national location strategy beyond its presence in London and Edinburgh.
As such it notes that like the Bank of England it is “exploring opening an office in Leeds” and that although specific functions and numbers are still being worked on it envisages “at least 100 colleagues in the first phase” and plans to make “substantive progress by the end of 2022”.
Commenting on the new Tom Riordan, chief executive of Leeds City Council tweeted: “Delighted that @TheFCA plans to open an office in Leeds. Joining @bankofengland and @UKInfraBank in the UK’s second city for finance and professional services.”
As noted by Riordan, this is the latest announcement of a regulator or government department to be opening a northern base in the city, following on from the Infrastructure Bank which opened its HQ in Leeds last month after being announced in March’s budget, and the Bank of England which announced plans in April.
Reports suggest that the regulator won’t move existing employees out of London but will look to populate the new sites primarily through new hires.
In addition to a new operation in Leeds, the FCA also announced plans to establish a presence in Belfast and Cardiff by the end of the year and to double its headcount in Edinburgh to over 200 over the next two years.
Rathi said of the business plan: “Over the next 18 months you will continue to see an FCA that looks and feels even more different. One that operates differently, partners differently, and communicates differently.
“One that delivers market integrity and delivers for the consumers that we serve. One that is not only purposeful but that is fit for purpose.
“There is a lot of work to do. And I am confident that we have the right strategy, the right people and the right ambition to do it.”
