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Categories:Advisers,Regulation

Money Advice Service chiefs share £100k bonus pot

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Money Advice Service chief Tony Hobman and four senior managers shared a £100,000 bonus pot in the last financial year, despite a raft of job cuts at the firm.

According to the Financial Mail on Sunday, chief executive Hobman (pictured) received a £35,000 bonus, with £66,000 shared among four other senior managers.

Money Marketing revealed that MAS was putting over half of its staff on consultation last year after a review of its products, services and delivery channels.

The bonus pool came to light after Parliamentary questions by Labour Treasury spokesman Chris Leslie.

He said: “These are unacceptable rewards for a public body that has yet to make its mark,’

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Readers' comments (9)

  • Yet more snouts dipping into the financial services trough.

    My reward for failure is a lack of food and repossession of my property. Their reward for a lack of competence and dismal vision is a fat bonus.

    Journalists take note. The days of fat fees and juicy commissions are gone. Join the gobshites and get bonuses for failure, thataboy.

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  • Email from Tony Hobman to staff -

    You will probably be made redundant soon due to my failure, but I will be getting a bonus to reward my failure, this is how the system works, my mate Hector told me!

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  • A bonus? On what basis? It's a sad day when senior executives get paid fat bonuses when half the staff lose their jobs. Void of conscience or a lot of sleeping tablets.

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  • I am not overly impressed by 'bankers' in general but a bit of overpaid incompetent public servant bashing is urgently required instead.

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  • Another public sector gravy train funded by the private sector. We wonder what the FSA's 2011 bonus pot for failure will have been ~ not far short of £30m is my guess. And how much was spent on the FSA's report into how it negligently allowed RBS almost to collapse?

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  • Shameful

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  • That's a breath of fresh air.

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  • Set up by the Government paid for by the industry.

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  • I thought he MAS already had great motivation due to their inflated salaries?
    I wonder whose idea it was to dish out this little bonus in the first place, shameful!

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