More than 200 members of the FSA staff earn over £100,000 a year, it has been revealed.
A freedom of information request from web portal Cherry found 198 staff earn between £100,000 and £199,999 while 11 staff earn between £200,000 and £299,999 and four earn more than £300,000.
According to the FSA’s annual report for 2009, chairman Lord Adair Turner earned £219,000, chief executive Hector Sants earned £478,000, wholesale managing director Sally Dewar earned £290,000 and retail markets managing director Jon Pain £240,289. In 2009, executive director and non-executive director remuneration at the FSA totalled £2.9m.
The FOI request 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.
Harvest IFM partner Julian Stevens says: “This sends out the message that the FSA sees the financial services sector as an inexhaustible cash cow despite the regulator 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.”
Highclere Financial partner and Adviser Alliance director Alan Lakey says: “It is true to say that some FSA employees are massively overpaid -should Sants be earning more than three times as much as the Prime Minister?”
Time the regulator gave IFAs value for money
The FSA needs to be completely overhauled and replaced with a more transparent and open organisation that works with IFAs, not against them. How about treating advisers fairly for a change and giving us some value for money. After all, without us, you wouldn’t have a job.
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.
This just proves the FSA just does not understand what is happening out there and they are just getting their noses deeper and deeper into the trough. If we treat our clients the same way the FSA treats us, we would be hung, drawn and quartered by them.
A window of opportunity exists for salary reduction at the FSA. With other civil servants having forced wage cuts imposed, competition for the top jobs will increase.
M J Winfield
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