FCA to spend £60m fitting out new offices

The FCA is to spend £60m fitting out its new offices in Stratford.

Board minutes released by the regulator say the FCA plans to start moving to its new offices in East London in May 2018 and out of its current Canary Wharf premises.

The FCA is budgeting £60m “in respect of fit-out costs for the new Stratford office that is expected to be funded externally, the costs of which will be recovered against the rent free period.”

The regulator first confirmed the move to the Stratford International Quarter development next to the Queen Elizabeth Olympic Park in 2014, securing a 20-year lease on the 430,000 square foot site.

At the time the move was announced, the regulator was spending around £30m on accommodation and office services costs across its Canary Wharf and Edinburgh bases.

The FCA has around 3,700 staff, with the board minutes showing that the regulator had taken on an additional 25 full time equivalent staff as “EU withdrawal resources”.