FSA freezes staff pay for second year
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The FSA has told staff that they will not be getting a pay rise for the second year in a row.
An email sent to regulator staff today says: “Last year, as you know, the vast majority of staff did not receive pay rises for 2010.
“We have announced today that again there will be no across the board pay rises for this year.”
This time last year FSA chief executive Hector Sants emailed all staff to say the regulator had not put aside funds for pay increases for 2010.
He added that the FSA’s bonus pot for 2010 would be the same level as 2009 at 15 per cent of the total salary pot.
A spokeswoman for the FSA says the 2011 bonus policy is in line with this.
She adds: “Any bonus payments that will be made will be performance related.”
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Readers' comments (18)
Michael Fallas | 21 Jan 2011 6:50 pm
One has to ask but if we (not the tax payer) pay their costs to regulate the industry do we actually get any say in these salaries and bonuses, as we don't get any say in anything else?
Anyone know what the cost will be of the new authorities such as the CPMA etc. will they be more I wonder?
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Anonymous | 24 Jan 2011 8:59 am
It's a total joke. Do they think we're idiots ? The 'vast majority' apparently will not get a pay rise - but I'll bet all the bigwigs do.
In any case, who needs a payrise when the FSA can distribute a 'pot' of 15% of the salary bill as a bonus - a payrise by another name.
And, how can anyone be in line for a bonus when the FSA has presided over the biggest financial mess since Moses walked the earth ?
I would ask the FSA to stop insulting our intelligence by making all these meaningless announcements - sack everyone at Canary Wharf and the public would be no worse off - indeed, it would be £1.7billion better off.
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Sam Caunt | 24 Jan 2011 9:11 am
Imagine how staff must feel having been told that their pay is being frozen for the second year? Not those in senior positions but those on rates not much more than the minimum wage for whom inflation has much more impact.
I assume teachers, train drivers, MPs will be happy to see a pay freeze for two years? Of course not but they have more clout than FSA staff.
Of course, as in the real world, the FSA could cut costs and pay a little more to those that need the pay rise?
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richard blackshaw | 24 Jan 2011 9:11 am
However its dressed up and justified........just how do you pay a PERFORMANCE related bonus in the case of a regulator?????
Are they not there to do the job they are paid to do? Or is it the sort of bonus that traffic wardens are paid where they will do anything to give you a ticket? Sounds a little "corrupt" to me (although I have to use that word tongue in cheek in case they want to chase me in some way to earn their bonus)!
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Anonymous | 24 Jan 2011 9:18 am
Who needs a pay rise when you get a 15% bonus, how in god's name can anyone at the FSA get anything, when this bonus is 'performance related' !!
Have I missed something, utter joke.
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Patrick Schan | 24 Jan 2011 9:19 am
Staff pay cuts would be more appropriate, rather than 15% worth of bonuses. They must think we and the press are stupid. Well, I probably am for still doing this job.
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John | 24 Jan 2011 9:23 am
And why not? Aren't all public sector workers supposed to be on a pay freeze next year? But is there also a recruitment freeze? Answers on a postcard please (then just bin, as I think we know the answer).
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Anonymous | 24 Jan 2011 9:29 am
A cost of living rise might have been more acceptable? To provide for a bonus of 15% when so many people have been affected by the credit crunch and the failings of the FSA, beggars belief!
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Anonymous | 24 Jan 2011 9:34 am
My heart bleeds! (not)
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Peter Herd | 24 Jan 2011 10:34 am
I cannot believe that a regulator that is in charge of regulating the financial services,that is meant be setting an example can afford to pay up to 15% bonuses.
I thought it was a government directive to curve the bonus culture within financial services. Surely a pay rise of 3% would be more in line then a 15% bonus that is 11.25% above inflation.
Isn't it about time that financial services moved away from the bonus payments and instead stuck to basic salaries. After all some people in the FSA had very large salaries and a 15% bonus is a very large amounts of money thank you very much.
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