The municipal supervisor advertises for advisers in its fight against vacancies.
As reported by the Financial Times, the Financial Conduct Authority (FCA) has about 4,000 employees and a person familiar with the regulator’s activities said the vacancy rate is now at about 500, above typical levels of 300.
According to the government’s procurement website, the FCA has spent nearly £1 million on headhunters and is advertising consultant contracts, including a recent tender for an outside law firm that has not yet been hired, to help change auditing applications. This is where financial service providers report when their ownership changes.
“We have experienced an increase in the number of change in control applications,” said an FCA spokesperson.
“To ensure that we can process these as quickly as possible, while maintaining our high standards, we have deployed a number of short-term resources to support us. The final decision on an application is made by an FCA employee.”
The FCA also plans to appoint a third-party crypto forensic service provider to help it use cryptoasset blockchain data to support the effective oversight of the cryptoasset activities within the scope.
Read more: FCA Proposes New Consumer Tax – Here’s How P2P Lenders Might Comply
FCA chief executive Nikhil Rathi encountered resistance as he attempted to change the regulator’s work and compensation structures to create a more efficient regulator. Unite has previously said the number of FCA employees joining the union has quadrupled since a consultation on a new compensation structure was launched.
Rathi told the Treasury Committee last week that there is a backlog of queues and added that the FCA is working hard to address this by hiring more staff and digitizing the approval process.