FSA pays out £22m in staff bonuses
Three FSA board members were paid bonuses totalling £278,000, whilst FSA staff were paid a total of £21,998,813 in annual incentive awards for 2009/10.
Outgoing chief executive Hector Sants (pictured) has given his £108,000 bonus to charity whilst managing directors Jon Pain and Sally Dewar agreed to cap their bonuses at 20 per cent, less than the 35 per cent they may have been entitled to.
The FSA’s annual report, published today, shows that risk managing director Sally Dewar saw her total remuneration increase 32 per cent, from £435,179 to £576,233. She earned £400,000, plus a bonus of £85,000 and other benefits totalling £91,233.
Retail markets managing director Jon Pain saw his total pay increase 92 per cent, from £312,289 to £599,564, including an £85,000 bonus and £79,564 in other benefits. Pain’s large increase reflects the fact he was only in the role for some of the previous year.
Sants saw an 19 per cent increase in total pay, from £623,170 to £742,011, including a bonus of £108,000 and other benefits of £134,011.
Chairman Adair Turner received a salary of £416,000 after forgoing a salary increase he was awarded in 2009. As chairman he is ineligible for a bonus and earned a total of £482,442, including £66,442 of other benefits. This compared to £246,546 the previous year, again reflecting the fact that Turner was only in his position for part of the previous year.
The total paid out in staff incentive awards, £21,998,813 an 11.6 per cent increase on the previous year’s figure of £19.7m and was 13.8 per cent of the total wage bill.