Jobs boost for Leeds as Financial Conduct Authority expands office

The report said: “Since 2021, we doubled the size of our office in Edinburgh and opened one in Leeds. Together, they’re the base for nearly 11 per cent of our workforce.

"We will continue to draw on the skills across the country, aiming to at least double the number of colleagues, to over 1,000, based at our Leeds and Edinburgh offices over the next five years.”

In January, the FCA opened further floor space at its existing base at 6 Queen Street, Leeds increasing it by an additional 5,000 square feet.

The FCA’s regional office in Leeds, which opened in 2022 is now a base for more than 300 employees, with around 100 more people expected to be welcomed into the additional space this year. The new floor space was officially opened by the FCA's chief executive Nikhil Rathi.

A spokesman said that, while the FCA can't provide exact numbers for the jobs growth in Leeds and Edinburgh over the next five years, there will be opportunities across both cities.

The FCA currently employs around 200 staff in Edinburgh, the spokesman said.

The spokesman added: "Our aim is for this not to impact the overall headcount, and instead this will be achieved naturally, through our ‘location agnostic’ recruitment approach (which means roles are advertised across all three offices, so a job isn’t tied to a specific location).

"This means that when attrition takes place in London, we often find ourselves able to recruit in Leeds and Edinburgh.

“For wider context, we’re not anticipating significant growth, though that depends on whether we receive new directives from Parliament or the Government.”

Speaking in January, Mr Rathi said the FCA had established a base in Leeds “because of the superb talent pool, the great universities and the welcome we received from the city council.”

He also praised the strong financial and professional services pedigree that has been in Leeds for many decades. He said the Leeds office had surpassed expectations.

He told The Yorkshire Post: "A significant part of the work we do here is about going out and engaging and finding out what is happening in the region and what financial services businesses are thinking and feeling.

"We are meeting consumer groups and civil society in the region and bringing that feedback into our organisation as we are making policy and making decisions and thinking about our priorities.

"We always go out and about around the regions but having a continuous presence in the regions takes that to a whole new level."

In its five-year strategy report, the FCA said its priorities are to support growth, fight crime, help consumers and be a smarter regulator.

It added: “We will be proportionate and easier to engage with. Supplying us with data is a significant task for firms. So, we will constantly review what information we ask for, ensuring we’re only collecting what we need and will use.”