FCA and PRA staff turnover near-doubles since split

Staff have been quitting the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) at nearly twice the rate seen prior to the move to split the regulator in to two bodies, reports have claimed.

Data seen by Reuters has revealed both organisations have seen a dramatic uptick in staff turnover since the Financial Services Authority (FSA) was split in two earlier this year in the wake of the financial crisis. Staff have been leaving the FCA at an annualised rate of 12% and the PRA at a rate of 11%, according to data provided by both bodies to Reuters under the Freedom of Information Act. This compares to staff turnover in the final year of the now defunct FSA of 6.9%. Over the past five years, it averaged 7.8% turnover. The PRA provided data for its first five months to the ...