INDUSTRY NEWS

The Bank of England take on new London offices

The Bank of England is set to take over the former London office of JP Morgan Cazenove, according to an article published by the Telegraph.

Located at 20 Moorgate, the offices are in close proximity to the Bank itself.

With plans in place for The Bank of England to take reins of banking supervision from the current regulator, the Financial Services Authority (FSA), it is thought that the new office will house around 1,000 FSA staff.

The Bank of England will then replace the FSA with a new body, the Prudential Regulatory Authority (PRA) – which will be formally launched in 2013.

The lease for 20 Moorgate is estimated to be around £1 million more expensive that the FSA’s  current Canary Wharf location; however, the Bank has said that the cost was outweighed by the benefit of moving teams closer together.

A statement from the Bank added: “The benefits to be gained from strong links between these functions mean that locating PRA staff close to the rest of the Bank is highly desirable.”

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