Martin Wheatley pay deal totals £670k

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Financial Conduct Authority chief executive Martin Wheatley

Financial Conduct Authority chief executive Martin Wheatley received a total pay package of almost £670,000 in 2012/13, including a performance related bonus of £86,000.

The FSA’s final annual report, published last week, shows overall staff costs at the regulator totalled £380.7m, a £15.4m increase from the £365.3m set aside in last year’s budget.

The regulator says the rise in staff costs reflects a one-off £22m contribution to reduce the FSA’s defined benefit pension scheme deficit, now standing at £114.7m.

Wheatley’s pay package was made up of a base salary of £429,999, a bonus of £86,000, other benefits of £112,386, and a payment in lieu of pension contributions of £38,700. He was paid £399,657 in 2011/12 for seven months work after joined the FSA in September 2011.

FCA chairman John Griffith-Jones, appointed in September, was paid a total of £111,259, including a board fee of £99,167.

The annual report also shows the extent of payments made to senior management who left the FSA during 2012/13. Former FSA chief executive Sir Hector Sants, former chairman Lord Adair Turner and former director of enforcement Margaret Cole received a total of £803,075 after they left the regulator.

The FCA says these payments were in line with contractual entitlements.

For the whole 2012/13 financial year, Sants’ total pay including benefits was £530,441, while Turner’s total pay was £785,153.

The FCA says the FSA’s remuneration policy aimed to “provide an appropriate balance between the need to attract, retain and motivate staff while reflecting the constraints placed on a public authority.”

Yellowtail Financial Planning managing director Dennis Hall says: “As fee-payers, we are funding these substantial payouts, and yet we seem to have little say in what level these pay deals are set at.”