£1.25m cost of FSA Xmas parties
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The FSA spent over £100,000 on staff Christmas parties last year despite the outcry over the previous year’s figures, taking total spending to £1.25m since 2004.
Information obtained by Money Marketing through a Freedom of Information request, from recently audited figures, shows the regulator has spent a total of £1,259,624 on staff Christmas parties over the last six years. This includes the £228,462 cost for staff parties held over the festive period at the height of the financial crisis in 2008.
The amount spent breaks down as £140,569 in 2004, £246,189 in 2005, £265,171 in 2006, £271,419 in 2007, £228,462 in 2008 and £107,814 in 2009.
The FSA says it cannot disclose how much it spent on staff flights and accommodation to attend Christmas parties as calculating it would cost too much.
An FSA spokeswoman says: “We do not hold an organisation-wide Christmas party or encourage departmental parties but we provide a budget of £60 per head including VAT for some form of staff event during the year. It is not £60 per head regardless, it is an absolute limit. The budget can be used but does not have to be.”
Adviser Alliance director Alan Lakey says: “The FSA has a legal obligation to spend its budget in a manner consistent with its duties. This is an unacceptable use of IFAs’ money.”
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Readers' comments (73)
Anonymous | 9 Dec 2010 10:19 am
They are an absolute disgrace This goverment do themelves no favours by supporting a totally discredited organisation.
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Doug Bennett | 9 Dec 2010 10:20 am
So who wants to bet this becomes the most commented upon story over the next week. Well done Natalie.....
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charlie palmer | 9 Dec 2010 10:24 am
3,700 staff work at FSA = £338 per person.
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Lee Chester | 9 Dec 2010 10:24 am
So this is where our fees go?!
This is outrageous.
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Sarah Smith | 9 Dec 2010 10:25 am
For goodness sake, its a small amount of money in the scheme of things to keep staff motivated and a reward for hard work. Despite what you think about the FSA, staff still deserve to be rewarded. I am sure you are all doing the same thing for your own staff and if not - shame on you!
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terry | 9 Dec 2010 10:25 am
How come they can afford Christmas parties when they have a shortfall in their pension fund.I appreciate everyone can do with some fun at Christmas but it must be within sensible criteria. The interesting point is that they cannot provide cost of travel/hotels/flights, I bet this would show an embarressing figure. It cannot be that difficult to work out for a one off event every year. If we came up with the excuse that we could not provide information due to cost we would no doubt be classed "as not fit for purpose" The usual one rule for us and another for them
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Anonymous | 9 Dec 2010 10:25 am
DISGRACEFUL!! but they don't care do they! it's not their money they are spending it's ours, the IFA. it's about time that we stood up and made them realise who pays the bills.
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Richard Blackshaw | 9 Dec 2010 10:26 am
Obscene, obscene, obscene, obscene!! What a disgusting use of public money by a public body!
I will be going again to a party with my wife this year, run by a public media company and as usual we will pay for everything ourselves as THAT public body uses its finances for the the people that pay for it....the PUBLIC.
Why arent MP's screaming about this gravy train of an unelected, unnaccountable body of useless, self promoting fools!
I, like many of my peers, cant wait to be rid of this business without destroying my family in the process. The only plus side to this business is the people I actually deal with, who, after over 20 years of dealing with them, most have become good friends as well as clients. God help this country with the likes of this power house body of the FSA being let loose with all their unconfirmed wisdom!
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Gog Taff | 9 Dec 2010 10:28 am
Absolute disgrace. There had better be a very large staff contribution. About time they joined the real world.
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Ian Lowes | 9 Dec 2010 10:28 am
£60 per head is not unreasonable. It's a huge sum when considered in isolation but there are a lot of employees - let's not begrudge them a bit of Christmas spirit.
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