FSA pays out £22m in staff bonuses
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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.
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Readers' comments (62)
Robert Rice | 10 Jun 2010 12:44 pm
I wondered what would be the first item from the FSA's annual report to be reported by Money Marketing - i've just won a bet with myself!
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Darren Newton | 10 Jun 2010 1:05 pm
Ahh! That's what 'Austerity' means! Funny though, they didn't say it meant that at my normal comprehensive school! They are having a laugh at the expense of this entire country and taking the p*ss out of every taxpayer in the process! We would know none of this in the absence of the Freedom of Information Act however.
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Exasperated me | 10 Jun 2010 2:12 pm
PEWK!
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Anonymous | 10 Jun 2010 2:31 pm
£22m?? What a complete and utter scandal. Is this what hikes in broker/adviser fees are being used to fund. They are a laughing stock and a joke....although unfortunately most do not fine them funny.
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Anonymous | 10 Jun 2010 2:31 pm
Bonuses for hitting agreed targets......sounds a bit like commissions to me
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Anonymous | 10 Jun 2010 2:33 pm
Not surprised at this really. It's just another example of Labour wastage. No doubt these bonuses where firmly embedded in the said employees contracts long before the election was called.
In a way abolishing the FSA and making everyone apply for jobs with the B of E should ensure that bonuses at these levels are never paid again. How can the FSA comment on any banks policy for handing out bonuses. Its hypocrisy on a grand scale if you ask me.
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John L | 10 Jun 2010 2:34 pm
Blood money. All at the top are vultures!!!
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Paul Sturrock | 10 Jun 2010 2:36 pm
Same old same old. Absolute joke.
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Anonymous | 10 Jun 2010 2:37 pm
I find it criminal that an organisation that failed to meet one of it's primary objectives of maintaining confidence in the UK's Finacial Institutions, can reward itself for a job not well done! Once again it is the civil service mentality of it is only the tax payers money so lets waste it!
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Anonymous | 10 Jun 2010 2:37 pm
Disgraceful
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