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Ex-FCA chief Wheatley’s final pay cheque hits £827k

Martin-Wheatley-Ponder-700x450.jpgEx-FCA boss Martin Wheatley will be paid £827,000, including a £48,000 bonus, for his last 16 months at the regulator.

Wheatley resigned from the FCA and its board in July and September 2015 respectively, but continues to be employed by the regulator until 31 July 2016.

According to the FCA’s annual statement, Wheatley’s basic salary for period was £633,000 and other benefits totalled £89,000.

This includes a £36,123 allowance for the use of a driver and car until September 2015. He also made pension contributions of £57,000.

He was paid a total of £701,000 in 2014/15.

Included within the £827,000 total salary is Wheatley’s remuneration from 1 April to 31 July this year. For that period he will be paid £185,767, which includes a basic salary of £158,333, £13,184 in other benefits and £14,250 in 9 per cent non-pensionable contributions.

Tracey McDermott, who took over as acting chief executive after Wheatley resigned, was paid £570,000 for the year ending 31 March 2016.

McDermott received a basic salary of £376,000, a £75,000 bonus, and £74,000 in other benefits, which included £40,925 for the use of the car and driver from September 2015.

FCA chairman John Griffith-Jones received £192,000 in total remuneration from the FCA last year and was not paid a bonus.

Elsewhere in the report, the FCA wrote off £3.2m from the value of software licences it purchased in 2014 as a “constructive loss”. The licences were part of a one-year contract the regulator entered.

The annual report explains: “The FCA capitalised the remaining balance of £0.7m as an intangible asset, since at the time it believed it could realise value from on-selling some of the licences. This did not turn out to be the case and the assets have now been fully impaired in the year to 31 March 2016. The contract expired in May 2015 and has not been renewed.”

The report also reveals that advisers made the most whistleblowing disclosures when compared with other financial services sectors.

Advisers referred 170 whistleblowing cases to the regulator last year, ahead of second-ranked consumer credit firms which referred 145 cases and third-ranked retail banks which referred 114 cases.

In total the FCA received 1014 whistleblowing cases which was down from 1340 the previous year.

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Comments

There are 17 comments at the moment, we would love to hear your opinion too.

  1. Nice, I rode my bike to the office this morning!

  2. What a disgrace
    We slog away to pay these parasites a ridiculous amount of money to cause us total aggravation another case of the lunatics running the asylum

  3. I might write to FOS for compensation due to lack of integrity, intelligence and implementation.

  4. I wonder what their p11d’s show for the last tax year?

    Once again the accounts of the regulator show a complete lack of respect for the very people they regulate and whom they charge for the privilege of incompetent, retrospective, shut the door after the horse has bolted regulation!

  5. Shoot first, pocket the cash.

  6. As someone said to me many years ago “It is the easiest thing to do – to walk into a pub and buy everyone a drink with somebody else’s money!”

  7. Dennis Burling 12th July 2016 at 2:32 pm

    What a gravy train the FCA is, keep increasing the levies to keep the toffs in the lap of luxury – what a disgrace this regulator is !!

  8. Don’t be unfair. The guy was poached from Hong Kong – where I bet he was paid a fair whack. He was starting to come to grips with some of the less attractive aspects of financial services, when he was unceremoniously dumped by Osborne.

    Some of the posts look like they come from Momentum. What next votes on who should be paid what? If you are going to have a world class regulator you have to pay world class remuneration. Maybe we might be better off with a less august edifice – but that is up to Government. So don’t blame the messenger.

  9. Dick Sprinkler 12th July 2016 at 3:57 pm

    No amount of polishing will make a t+rd shine – bless your heart Harry !

  10. Harry nobody is blaming the messenger. its the system that’s all wrong.
    He is in charge of a write off of £3.2m in “constructive loss” resulting from software licences it purchased. As well as getting paid ridiculously well he has time to loose £3.2m. Makes sense doesn’t it?

  11. Soren Lorenson 12th July 2016 at 4:59 pm

    @Harry Katz. These sort of mega pay packets are now becoming unacceptable for those running private, profit making companies. The FCA is an arm of government. On what basis is it right for the head of the FCA to be paid FOUR TIMES as much as the Prime Minister??

    This is just plain wrong. A pay packet of £150-£200K should be more than enough for this type of public service role.

  12. So, over the year Wheatley and McDermott shared costs of over £77,000 for the use of a car and driver. I’m in the wrong game, chauffeuring is where the money’s at.

  13. Richard Wright 12th July 2016 at 5:56 pm

    How can anyone in that type of position be anle to justify earning more than 7 times the amount paid to our Prime Minister , its a total disgrace
    The FCA are nothing mpre than robbers but without the swag bag and striped jumper.
    We put up with it because we are weak!!!

  14. @Richard & Soren

    Of course earning more than the PM is justified. Just look at all the numpties that applied for the job. No shortage of applicants. I would say that even half their salary is too much and MPs should be self funding. Look what a pickle the last 3 PMs have landed us in!

    Of course the system is wrong this position and indeed the whole of the Regulator should be funded out of taxation and subject to the NAO.

  15. …………and on top of the £3.2m ‘write off’ for FCA software licences!!

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