The Financial Services Authority (FSA) have recently announced that they will be moving to new office space in London’s Canary Wharf.
FSA are planning on taking another 460 members of staff to increase their authority and supervision across the financial industry of the UK, including an extra 100 staff for the enforcement team.
The FSA see the move and increase in staff as a “confrontational approach”. The new approach sees a higher focus on detecting and preventing insider dealing. In the past year they have successfully prosecuted three cases of insider dealing and issued around £35 million in fines, a 53% increase on 2008.
Chief executive of the FSA, Hector Sants commented, “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.”
The move to the new Canary Wharf offices and extra staff will increase their costs by over £47 million this year. However the move and strategy has been seen as bold, as the future of the FSA is uncertain. If the Conservatives win the next General Election, the FSA could be scrapped in favour of the Bank of England acting as the financial regulatory body.
The offices are based at 25 The North Colonnade, a 15-storey skyscraper. The FSA are the sole occupies of the 262 ft building. It was originally designed by architect John McAslan and Partners, and built in 1991.