FCA seeks to open offices in Leeds, Belfast and Cardiff

By Joy Dumasia

The Financial Conduct Authority (FCA) is seeking to extend its influence across the whole of the U.K., opening an office in Leeds with at least 100 staff recruited in the first phase and doubling its headcount in Edinburgh to over 200 in the next two years.

The commitment comes as part of the regulator’s new Business Plan for 2021/22. The Business Plan sets out the critical areas of focus for the FCA in the coming year.

At present, the FCA has offices in London and Edinburgh. Alongside the new hires in Leeds and Scotland, the FCA will also establish a presence in Belfast and Cardiff for the first time by the end of the year.

In consumer markets, priorities include strengthening rules on financial promotions to protect consumers concerning investments and progressing proposals for a new Consumer Duty to raise standards in firms’ treatment of consumers.

The regulator says it will spend £120 million on its data trolling capabilities over the next three years to be more proactive and acting faster to root out abuses.

Ceo Nikhil Rathi says: “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. 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.”

Recently, IBS Intelligence reported that According to official figures, the Financial Conduct Authority (FCA), the regulatory watchdog for financial services firms in the U.K., has misplaced a total of 323 electronic devices estimated to be worth £310,600 over the last three years.