The Bank of England could be on the hunt for new recruits in the coming months to address a talent shortage of experienced staff to oversee the City of London.

The Times reported today that problems have been identified in the current staff mix as a result of the new responsibilities that the Bank of England has acquired following George Osborne’s plans to abolish the Financial Services Authority (FSA) next year.

Currently the bank has a Financial Stability directory of 168 people of which 21 have senior roles. Over the past few months a Financial Stability Secretariat has also been established to provide support for the new interim Financial Policy Committee (FPC).

The bank plans to address its current staffing issues to ensure that the right calibre of expertise is available for a successful takeover of the FSA’s responsibilities.