Briault, who left the FSA by “mutual consent” in April, also got a £30,000 performance bonus to add to his £300,000 salary, according to the FSA’s 2007/08 annual report, released this week.
Total remuneration for the board increased by over 20 per cent from £2,624,743 to £3,202,575.
Outgoing chairman Callum McCarthy’s salary rose by 10 per cent from £433,565 to £480,553. McCarthy declined to be considered for a bonus.
Hector Sants’ total pay increased to £661,948 this year following his promotion to chief executive, including a performance-related bonus of £114,000.
The report shows that the regulator’s net costs for ongoing regulatory activities rose by 10 per cent to £298.1m in 2008 from £269.3m in 2007. The move towards principlesbased regulation cost £13.7m.
The FSA says of the 100 targets it set itself, 85 were delivered on schedule, 11 were re-planned but still del-ivered in the 2007/08 financial year and four have not been delivered.
McCarthy says: “I do not want the events of the last year to obscure what the FSA has done and continues to do with much success. It is the nature of regulation that failures are very public and successes are often private.
“But my work over the last nearly five years has convinced me of the continuing value not only of the principles which I have discussed above but also of the great benefit of a single and coherent approach to financial services.
“Separation of the supervision of banks, securities firms and insurance companies in any form would be a retrograde step which would cost the UK dearly and – perhaps more important – my conversations with practitioners, here and in the other capital market centres of the world, make clear that they share this view.” Norwest Consultants principal Harry Katz says: “Briault’s payout was given for a very specific reason and that was to carry the can.
“I think the whole thing has been distasteful from front to back but when the FSA kicks these people out you have to expect these sort of compensation sums. Clive had to fall on his sword.”