FCA chief executive Martin Wheatley has received a £30,000 pay rise despite deferring his bonus over the botched announcement of a review into the insurance industry.
Wheatley’s salary rose from £430,000 last year to £460,000 this year and his pension entitlements also increased from £39,000 to £41,000.
Wheatley’s total remuneration package actually fell from £667,000 to £610,000. However, the fall was down to Wheatley delaying taking his bonus over the regulator’s handling of the announcement of the review of closed book life policies. Last year his bonus was worth £86,000.
According to the FCA’s annual report, published this morning, FCA chairman John Griffith-Jones’ salary rose from £99,000 last year to £170,000 this year. However, the difference is down to his joining part way through the financial year and his pro-rate salary actually remains unchanged.
Griffith-Jones’ total remuneration rose from £111,000 to £192,000. Griffith-Jones does not receive a pension but instead gets “non-pensionable supplements” which rose from £12,000 last year to £20,000. He also received £2,000 in ‘other benefits’.
The annual report also reveals that the regulator spent £3.3m on reviewing the RDR and made a total loss of £29.3m.