The Financial Conduct Authority (FCA) has unveiled plans for regional offices across the UK.
The regulator outlined this in its national location strategy in the business plan published today.
It will set up regional offices in Leeds, Belfast and Cardiff before the end of the year.
“We are currently working on what functions and precise numbers it will have: we envisage at least 100 colleagues in the first phase, with substantive progress by the end of 2022,” the regulator said.
The FCA also plans to double the headcount at its Edinburgh office to over 200 over the next two years.
The regulator currently has some 4,000 staff in its offices in London and Edinburgh.
“Over the next 18 months you will continue to see an FCA that looks and feels even more different. One that operates differently, partners differently, and communicates differently,” said FCA chief executive Nikhil Rathi.
The FCA regional expansion follows that of the Bank of England which announced plan in April to set up a financial hub in Leeds.
These developments can be seen in light of other initiatives designed to spread growth outside London.
The government recently launched an infrastructure bank aimed at tackling climate change and levelling up the country.
It is based in Leeds and will help finance projects in sectors including clean energy, transport, digital, water and waste.
The UK Infrastructure Bank will have an initial £12bn of capital to deploy and will be able to issue £10bn of government guarantees.
According to the government this should help unlock more than £40bn of overall investment.
It was first announced alongside the Spending Review last November and will work with local government and the private sector.
The bank replaces the UK’s participation in the European Infrastructure Bank following the country’s departure from the European Union.
It is part of the government’s national infrastructure strategy and complements the Infrastructure and Projects Authority (IPA) and the National Infrastructure Commission.
This is part of the government’s plan to deliver over £600bn in gross public sector investment over the next five years.
