More than 200 FSA staff earn over £100k
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More than 200 FSA staff earn over £100,000 per year.
A Freedom of Information Request, from web portal Cherry, found that 198 staff earn between £100,000 and £199,999, while 11 earn between £200,000 and £299,999 and four earn more than £300,000.
According to the FSA’s last annual report in 2009, chairman Lord Adair Turner earned £219,000, chief executive Hector Sants earned £478,000, wholesale managing director Sally Dewar earned £290,000, retail markets managing director Jon Pain earned £240,289. In 2009, executive director and non-executive director remuneration at the FSA totalled £2.9m.
The freedom of information act note would not specify as to where the earners worked within the regulator.
The FSA also revealed that turnover has reduced from 13.1 per cent in 2007, to 9.2 per cent in 2008 and 4 per cent in 2009. Since 2007, 35 employees earning a six-figure salary have left the FSA for a variety of reasons.
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Readers' comments (48)
Julian Stevens | 2 Jun 2010 3:35 pm
Print this article and send a copy of it to your MP requesting his/her comments.
The UK financial services industry is not an inexhaustible cash cow, despite the FSA treating it thus, and it is patently unjust that the IFA sector is charged a wholly disproportionate percentage of the total cost of supporting the current regulatory system.
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Jane Anderson | 2 Jun 2010 3:36 pm
Incredible!
Giz a job!
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Anonymous | 2 Jun 2010 3:37 pm
Thats a lot of money to earn. I am sure we are getting what we are paying for.
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Anonymous | 2 Jun 2010 3:38 pm
How many staff are there at the FSA !!! 209...!
Wonder how much the tea maker and post boys get paid.. I might apply to work there !
UNBELIEVABLE
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A Pritchard | 2 Jun 2010 3:39 pm
There is a price to be paid for failure, and this is it!
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Suzanne McDade | 2 Jun 2010 3:40 pm
This is disgraceful - IFA'S are paying for these people to have jobs that pay unbelievable amounts of salaries.
What have they done to justify their earnings ?
We pay our fees yet receive no service in return.
Look at all the advisors caught up in Network change-overs such as Park Row and 2Plan who haven't been able to earn a living for almost 8 months yet we have the people that are running the FSA earning crazy sums.
The FSA are faceless and the biggest hinderince to the Financial Service Industry. They need completely overhauled and replaced with a more transparent and open organisation that works with IFA's not against them.
How about treating IFA's / Advisors fairly for a change and giving us some value for money - afterall, without us you wouldn't have a job as there's no chance of actually taking action & extortionate fees from the banks!
It really makes me angry to learn of the amount of FSA staff that earn more than what would be acceptable for the jobs they do.
Far too many staff are under qualified, unskilled, unprofessional, lack basic communication skills & manners and have no idea what it is the FSA are supposed to be doing!
Too many policies, crazy criteria, lack of understanding and ultimately a law unto themselves.
Who is regulating the regulator ? God help us all!
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Anonymous | 2 Jun 2010 3:40 pm
Coming on top of some of the recent revelations of the FSA's disgracefully imprudent expenses fiasco, this just makes my blood boil even more!
So, whilst many experienced and qualified intermediaries buckle under the pressure of the credit crunch and the soaring cost of regulation, the regulators themselves are feeding voraciously from the trough which we pay into...
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John Reid | 2 Jun 2010 3:40 pm
WTF ! I am so glad the FSA has increased my fees by 33% this year. Need to keep paying these donkeys the £100,000 + wages that they dont deserve. maybe they will totally ruin the country next time they fail to supervise the banks properly. Hmmmm !!
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Incompetent Regulators Awards Team | 2 Jun 2010 3:40 pm
I think they all deserve a proper rise as they all do such a great job!
Create financial stability
Create consumer confidence
Always catch the bad boys
Know what they are talking about
Create really fair rules for the industry to work in
Keep out bad practices
Have a great vision and protect all consumers
The FSA is a great asset to the UK
World Class Regulator - great example to world
Good and honest employees
Highly qualified staff
Increase consumer choice etc etc etc...
Give them more and please put our fees up as we pay too little for this great regulator.......................
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Les Stewart | 2 Jun 2010 3:41 pm
This article highlights a problem I always have in relation to salaries. Perhaps they are paid these very high salaries, but I am certain that they do not "earn" them.
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