Financial Services Authority defends Christmas parties

30/04/2009

The Financial Services Authority has leapt to the defence of its spending of £214,159 on three Christmas parties for its 2,800 staff in 2008.

The Parties were held for its three divisions: the direct report arm, the operating division and the retail division. Its wholesale unit opted for smaller departmental events rather than one large party.

The FSA’s spokesman, reacting to the claims that the spending was over-the-top, after the figures were released thanks to a freedom of information request, said the parties were important to boost morale among staff. “It has been a difficult year for the FSA and across the whole industry and as is the case in any organisation, Christmas parties are an important way of maintaining staff motivation and morale so we hold them here like any organisation would”, said the spokesman.

He added that the FSA is like any other firm in that it likes to treat staff and mark Christmas at that time of year. The spokesman said, "hopefully people would appreciate that events like these are held because they are good for staff and its moral boosting an motivating. If you look at any organisation they all do something around that time and we obviously do the same here and mark Christmas.”