The regulator is exploring the option of opening an office in Leeds with at least 100 staff based there in the beginning stages.
This proposal formed part of its business plan for 2021-22, published this morning (July 15), where the FCA said it is currently working on what functions and precise numbers this Leeds office would have.
It stated: “We envisage at least 100 colleagues in the first phase, with substantive progress by the end of 2022.”
The FCA currently has offices in London and Edinburgh, but is looking to double its headcount in the latter to over 200 over the next two years; and establish a presence in Belfast and Cardiff for the first time by the end of the year.
The regulator stated: “We recognise the importance of engagement with devolved administrations and legislatures, as the different nations of the UK may have different needs and views.”
This forms part of the FCA’s plans to become a more innovative, assertive and adaptive regulator over the next 18 months or so.
In his foreword to the business plan chief executive of the FCA, Nikhil Rathi, said: “We have to be prepared for disruption and to adapt our priorities to reflect the changes around us.
“Our remit is large, and it’s growing, so we need to make complex trade-offs to focus our efforts. We need to be upfront about what we see are the biggest issues in financial services, and how we’ll address them.”
He added: “Over the next year, you will see another step-change in our approach. One that is even more innovative, led by data and technology. Even more assertive to ensure consumer protection and market integrity. And even more adaptive to meet the challenges we know about and prepare for those that will come.”
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