The Financial Conduct Authority (FCA) has revealed plans to relocate 100 jobs from London to Leeds, just months after the Bank of England announced a similar move.
The watchdog, which established its first office in Leeds two years ago, is growing its team at the digital delivery centre on Queen Street, where around 100 employees are currently based.
The FCA said it will increase its floor space by 5,000 sq ft – an additional 35 per cent – with the refurbishment project starting in late summer, and the new space will open in the autumn.
Chief executive Nikhil Rathi said: “We have really benefitted from having a base in Leeds – both in the breadth of talent that has joined the FCA and the different perspective our Leeds colleagues bring to the full breadth of our work.
“This further expansion is testament to the success of our Leeds office and the warm welcome we have received.”
Tracy Brabin, mayor of West Yorkshire, added: “West Yorkshire is going from strength to strength as the largest financial services centre in England outside London.”
“It’s a fantastic vote of confidence in our region as we work to drive economic growth in a stronger, brighter West Yorkshire that works for all.”
FCA and Bank of England focusing on Leeds
This latest regional push by the FCA follows hot on the heels of the Bank of England’s announcement in May that it plans to expand its operations in Leeds dramatically, with one in ten officials based in the
The Bank of England governor, Andrew Bailey, revealed that the current 70-strong team at the central bank’s northern hub would balloon to 500 by 2027, with the increase facilitated by voluntary relocations and local hires.
The Bank said its Leeds expansion would boost trust and awareness across the UK, better represent the public and help to find and keep top talent from a wider talent pool.
“Leeds is a thriving city where the Bank of England has had a significant presence for over 200 years,” Bailey said in May.
“Committing to a permanent, expanded Leeds office is a fantastic opportunity for us better to represent the public, build stronger links with the local business community and help promote the work of the Bank to a wider pool of talented workers.”
A number of governmental institutions have tried to expand their presence outside London in recent years, most prominently the Treasury’s Darlington economic campus which is expected to be completed in 2027.