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City regulator takes up new office space in Canary Wharf

THE Financial Services Authority (FSA), which the Conservatives are planning to axe if they win the next election, is continuing to expand.

Canary Wharf Group has revealed that the FSA has taken new leases on two floors in One Canada Square.

The regulator currently occupies a neighbouring building, 25 North Colonnade, but is now renting an extra 55,800 square feet at £35 per square foot in Canary Wharf’s iconic tower. “We need more office space to accommodate the many new supervisors we have taken on to carry out our enhanced supervisory powers,” a spokeswoman for the FSA told City A.M. yesterday.

The watchdog has recently been trying to beef up its regulation of financial firms after coming under fire for failing to keep a close enough eye on them in the run up to the credit crisis.

The Conservatives plan to disband the FSA if they take power at the forthcoming general election and give regulatory powers to the Bank of England.

FSA insiders say it has been tough recruiting talented people, given that there is so much uncertainty hanging over the organisation.