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Bonuses boosted and £10m for pay rises

Staff bonus levels at the FSA have been increased from 12 per cent to 15 per cent. The regulator has also added £10m to increase staff salaries so they are level with industry norms. A spokesman says: “We have put aside up to £10m to support moves to create more effective supervision. There are some staff working here who are being paid less than the accepted level paid in the wider industry so this money is for salary increases, not bonuses.

“The FSA has also put aside up to 15 per cent of salary for bonuses but people will only get discretionary bonuses if their performance warrants it. It is not a guaranteed bonus for everyone.”

The FSA’s business plan lists total staff costs, including tra- vel, training and recruitment, as £306.4m for this year, an increase of 24.4 per cent from £246.4m last year.

The regulator says it will hire an additional 280 staff for its supervisory enhancement program, taking the total staff to just over 3,000.

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