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FCA chief exec Martin Wheatley nets £610k pay packet as salary rises

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.

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Comments

There are 22 comments at the moment, we would love to hear your opinion too.

  1. As yozzer hughes would say – i can do that gizza job

  2. Incompetent Regulators 10th July 2014 at 12:38 pm

    Cut Wheatley’s package + a few others and there is no loss to the FCA’s accounts.

    That’s ‘public sectoritis’ attitude for you………………………

  3. Well, we have all heard the saying, unless you are willing to pay someone what they are worth, you end up with monkeys.

  4. Ray Leigh: In our case we pay top banana…

  5. Sascha

    You’re next at the Apollo. You gave me a good laugh!

    Thank you!

  6. brian weatherley 10th July 2014 at 12:55 pm

    Why is he paid a bonus?

    He has terms of reference and a job specification and assuming he meets them, he receives a handsome salary. What does he do over above his specified duties which warrant further reward
    ” a day’s pay for a day’s work” nothing more and nothing less

  7. He must be laughing his head off, (sorry change the must for is)

    I’m just sad my clients are paying for this idiots salary; and I will show this article to every one of them telling them that is why my fees keep going up.

    What’s this “other benefits” crap ? are we funding his private jet or his Aston Martin or a nice little pad in London so he doesn’t have to commute ? probably all three !!!!

  8. What a pity that this information did not come out this morning when John Humphrey was interviewing Francis Maude.

    Mr Maude most of our listeners accept that your government have had to make tough decisions.

    Do you think it is right for the remuneration committee of a regulatory organization to give the chief executive an chairman a pay increase of £30,000 and £71,000 respectively

    While 400,000 public sector workers earn below £15,000 many of whom live just live on an income just above the minimum wage.of £7.65 and £8.80 in London and another 1,000,000 earn less than Coalition pay threshold of £21,000

    Now can you see why people are frustrated.

    Is it right for someone to get what is equivalent to 71% increase when you give some one 4% on an hourly rate of £7.65

  9. To be fair though, they don’t get image rights and a goal bonus (do they?). Good job really, as I don’t think they would sell many shirts, too few fans.

  10. No wonder the photo shows him with a smile on his face.
    Where can I apply for these jobs? At least I have experience in the industry, but of course you don’t really need previous experience in the industry !

  11. Christine Brightwell 10th July 2014 at 5:03 pm

    JC – well put

  12. So “this is the price of failure” to quote the FSA when referring the over paid bank bosses…. the kettles and pots must be having a field day….

  13. Julian Stevens 10th July 2014 at 5:53 pm

    These people have no shame or conscience or, of course, accountability

    What’s APFA trying to get done about it?

  14. Oh come on people, be a little realistic. This is a major job. What do you think he got paid in Hong Kong for regulating their financial services? What do you think the head of the SEC gets? He gets the rate for the job – like it or lump it.

    In fact he has a bit of a poison chalice. The Treasury (and the Chancellor) just go on their merry way making policy without first consulting with the guy they hired to clean up any mess. Just as a simple example. They decide on Auto Enrolment, because they want to cut back on their responsibility to provide a decent state pension and to ensure that fewer retirees rely on additional benefits. Then what does the genius in No.11 do? He lets these people cash in the whole blooming lot, so that they can spend it in the pub or in Benidorm. Wheatley is charged with ensuring that people save – it’s a pretty thankless task. He gets kicked from all directions.

    This invention (FSA/FCA) of the venal Gordon Brown was a political stoke. When things go right the Government takes all the credit and when they go wrong the Rats in Westminster turn round an say “Sorry folks – nothing to do with us they are independent”. Then they haul them in front of the TSC, for a bit of fancy PR work.

    That’s why they are not a proper Government body and that’s why we have to pay for them. The blighters in Westminster have stitched us all up. (Regulator and Regulated).

    I’m no apologist for the regulator or their staff – I think I’m just being realistic.

  15. Just to put my last post in current perspective. Tesco have just poached M&S chief book keeper. They will pay him £750k plus ‘hello’ shares worth £1.74 million. And that’s just a grocer hiring staff. Rather puts Mr Wheatley’s package in a different light. That he should be paid out of the public purse rather than out of our pocket is a different debate.

  16. @ Harry Katz. I don’t believe anyone has an issue with people being paid for getting a good job done and for being paid bonuses for exceeding expectations, but here ee have an organisation that has failed miserably in its various guises over the last 30 years of regulation and more recently the last decade.

    What sticks in peoples throats is the “do as I say not as I do” nature of things and the only people picking up the bill for failure and the regulators bonuses is the client.

    I would be delighted to hear what has been achieved BEYOND expectations for the said pay rise and bonus to be warranted. In other words, lets apply the bonus/ pay rise rules (applied to financial services industry by this regulator) to the regulator itself. So far, they are very different things indeed.

  17. Well said Harry, who would honestly want this role?!

  18. An old friend of mine once told me, stop feeding the snake around your neck, one day it will grow strong enough to strangle you. How did he know? Guess it takes a snake to know one.
    We already had the worse recession because of the regulator and these peoples were earning and laughing by sitting in their lounge.

  19. @ Harry Cats

    The major difference between grocers and regulators is that grocers can be sued, sacked, rebuked and stopped from acting in a stupid manner.

  20. @ Matthew

    There shouldn’t be a role – that’s the point !

  21. Simba

    Don’t blame the Regulator for that – blame Parliament for giving them the power in the first place and then (in spite of the TSC PR guff) not rescinding it.

  22. Seeking Higher Income – then beome a regulator on £ 610,000 per annum and a £ 30,000 pay increase under George Osbornes ” Austerity ” REGIME. Interestingly George Osborne also announced £ 22.5 Million in ” new funds ” ( or are they just revamped old funds – ask Sir Allan Beith ) for the North East up to and including Berwick upon Tweed. Whilst George Osbornes support for HS2 high speed railway is promoted – they A1 is ignored by Osborne and his cronies. Put simply pay awards for failure like Mr Wheatley and his insults against financial advisers – and his refusal to deal with the issues at the heart of the PROBLEMS – the insurance companies who operate without ethics and without integrity – but Mr Wheatley has not woken up to this fact yet ? Still when you spend time in an ivory tower – divorced from REALITY – counting ones salary – and salary increases ( in excess of 6% – as opposed to the poor people – who are restricted for salary increases – and have come out on strike – for reasonable wages for reasonable work ) – these are the excesses of . . . .Cameron’s elitist policies by the few for the few – and for the incompetent few ( EG look back over the Trail of Failed Regulators . . . .! )

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