FSA’s Revamp Pushes Strachan to Join Deloitte
Director of FSA’s financial stability division David Strachan, who represented the UK at the Basel Committee on Banking Supervision, starts packing up for his plan to leave the financial regulator by 2012 following a reported revamp of the agency.
Strachan has finalized the duration of his stay in Financial Services Authority, which will end early in 2011, after FSA laid down its plan to shift into being a prudential authority and a consumer and markets regulator. His next home, the global accounting firm Deloitte, has been reported to have offered him a head post in its Centre for Regulatory Strategy.
Insiders at the FSA admitted Strachan’s future departure would blow the regulator big time as he has been one in the senior ranks that has brought about substantial productivity in his 12 years of service. The FSA’s revamp worries bankers and other city figures having a deal with the financial regulator that its morale might also suffer from a heavy blow.
Recently, FSA’s demand for reporting and control personnel has risen to 37 per cent while that of risk and compliance department was up 15 per cent, recruiter Astbury Marsden calculated. It aggravated the brain drain suffered by the regulator after more people left the FSA in the first six months of 2010.
FSA chief executive Hector Sants informed Strachan’s staff of his planned departure from the firm through an internal e-mail. On it, Sants expressed how he enjoyed the company of Strachan, having learned several things from the “wisdom and expertise” of his outgoing colleague. He also bade Strachan success in his future calling and thanked him “for all that he has done for the FSA.”