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FSA to hire 460 new staff to tighten supervision

The City watchdog plans to hire 460 new staff this year as part of an effort to toughen up supervision of the financial sector.

In its business plan for 2010/11, the Financial Services Authority (FSA) vowed to beef up its workforce by around 14%.

The move will mean that annual staff costs will rise by a further £47.7m to £350m, the regulator said.

"This proactive approach to supervision requires significantly more people than the old reactive model and those individuals must be of a higher quality and supported by more sophisticated systems," said chief executive Hector Sants.

"If society wants a more proactive approach, it must accept that it will have a larger and more expensive regulator."

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