"While other countries have enacted similar regulations, the UK rules include a “poachers’ charter. It’s tilted in favor of people trying to recruit."
STEPHEN BROOKS, EXPERT IN PEOPLE MANAGEMENT, PA CONSULTING GROUP
Bloomberg Brief Financial RegulationWilliam Daley, Lindsey Rupp, Paula Park18 August 2011
PA’s Stephen Brooks, people management specialist, has been quoted in Bloomberg Brief in an article reporting a survey on the impact of the FSA remuneration rules carried out by PA and the City HR Association. The article highlights how a majority of senior leaders in UK financial institutions said that the FSA regulations mean the UK will be less attractive to talent in the financial service sector.
Commenting on the results, Stephen said that “while other sectors of London’s financial services industries have failed to follow through on threats to leave the UK, most banks have branches throughout the world, which increases workers’ portability.” He added that “While other countries have enacted similar regulations, the UK rules include a “poachers’ charter,” and banks can offer a sign-on bonus for a “low percentage of new hires,” and retention awards are to be reserved only for unusual events such as when “a firm is undergoing a major restructuring,” concluding that “It’s tilted in favor of people trying to recruit.”