Some 95% of FCA staff previously worked for the FSA, new figures reveal.
And 95% at head of department level and above previously formed part of the FSA as of 30 April.
The figures were disclosed in a freedom of information request to Graham Senior-Milne, a former internal auditor at Lloyds TSB and Scottish Widows turned whistleblower.
Last month, a poll by Biba revealed that three quarters of brokers believe the FCA is a rebranded version of the FSA with the same people and policies.
Milne said the continuity of staff showed the new regulator was “nothing more than a superficial exercise” that would allow the organisation to respond to future complaints by saying “that wasn’t us, it was the predecessor body”.
But an FCA spokesman said the regulator had a “much clearer and sharper focus to protect consumers”.
“We’ve been charged with being more pro-active and prevenatative than was the case under the previous regime. It’s considerably different to what went before.”
FCA chief executive Martin Wheatley, who was previously managing director of the FSA’s conduct business unit, told last month’s Biba conference the regulator would take early and decisive action when it suspected wrongdoing.
The average cost of car insurance has hit an all time high as premiums rose to almost £1000 in the last quarter …
18 Jan 2024
Most home insurance policies will provide additional cover over the festive period, taking into account increased levels of contents and personal possessions …
18 Dec 2023
More and more businesses are getting in contact regarding Cyber liability insurance, there is a great deal of interest about this particular …
30 Nov 2023