View more on these topics

FCA splashes £157k on plants and catering

FCA logo glass 3 620x430

The FCA spent more than £27,000 on plants and £133,000 on catering across its London and Edinburgh offices in the 12 months ended 31 March 2016.

According to a Freedom of Information Act request submitted by Mortgage Strategy‘s sister title Money Marketing, the regulator did not buy any plants but paid £23,114 to a contracted supplier to provide and maintain them in its Canary Wharf office in London.

It paid £4,515 to the contractor that manages plants at its office in Edinburgh.

On catering, the FCA spent £133,024 for external meetings held at Canary Wharf in the 12 months to 31 March 2016.

That figure includes catering in the conference suite, the chairman’s office and boardroom. According to the FOI it covers water, tea and coffee, lunches, breakfasts, dinners and canapés.

It did not spend any money on catering at its Edinburgh office with external guests offered tea and coffee that is also available to employees.

The FOI response says: “The FCA holds several thousand meetings a year. In order for the FCA to fulfil its role as a financial regulator it needs to hold regular meetings with firms, consumer groups and overseas regulators and some form of catering is supplied at those meetings.”

The regulator said it did not purchase or loan any artwork for its two offices.

Libertatem director general Garry Heath was not surprised by the figures: “We looked at these sort of costs before and they are always pretty exotic.”

He adds: “It is a big organisation. The point is that no one will stop them doing it because there is no control over their spending. Cost of regulation goes up around year-on-year by about 10 per cent compound and it will continue to do so because there is no downward pressure on their fees.”

Recommended

Tracey McDermott FCA 700x450.jpg

FCA’s Tracey McDermott gets CBE in Queen’s honours list

FCA acting chief executive Tracey McDermott has been named in the Queen’s honours list. McDermott got a CBE for services to financial services consumers and markets. She is joined by Phillip Monks, the chief executive of challenger Aldermore, who received an OBE in the list. Office of Tax Simplification tax director David Whiting also received a CBE for […]

Will the FCA rewrite the mortgage rulebook over competition?

As the FCA gears up for the sequel to the Mortgage Market Review, experts are rattled by the prospect of yet more industry upheaval, with brokers and networks cast as villains The dust has barely settled on the MMR but the spectre of another rulebook rewrite appears to be just around the corner. In May, […]

FCA logo new 3 620x430

Ex-Deutsche Bank trader gets green light to sue FCA

A former Deutsche Bank trader has been told he can bring a civil case against the FCA despite facing trial over Libor manipulation. In April Deutsche Bank was fined a total of £1.7bn by international regulators rigging Libor and Euribor. Bloomberg reports Christian Bittar is suing the regulator over the final notice against Deutsche Bank, […]

Tackling the housing crisis will take more than money

The latest housebuilding figures from the Department for Communities & Local Government confirm the worst fears of many within the property industry. We are failing to address the housing shortage in any meaningful way. Let’s look at the number of housing ‘starts’, new housing projects where work has begun. In England, work has been started […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • valentino rossi 14th June 2016 at 2:35 pm

    Glad to see my firm’s fee money is being spent wisely!

    • Carl McGovern 17th June 2016 at 2:27 pm

      Don’t forget to disclose your proc fee and of course mention that the biggest cost to your firm is regulation. Put another way, a small portion is for plants and refreshments!