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FCA chief picks up £75,000 bonus

Andrew Bailey BBA Conference 2012 480FCA chief executive Andrew Bailey received a £75,000 bonus for 2017/18, the regulator’s accounts show.

Part of the bonus has been deferred and will be paid in 2019. The portion of the bonus already received has been donated to the FCA’s staff charities, Richard House and the Alzheimer’s Society.

The bonus is a £10,000 increase on Bailey’s performance-related pay for 2016/17.

The regulator’s annual report shows Bailey was also allocated a basic salary of £440,000 last tax year, the same salary received 2016/17.

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Director of strategy and competition Christopher Woolard received the same base salary of £300,000 as in 2016/17, and £2,000 less in bonuses.

The fee for non-executive directors remains unchanged from 2016/17 at £35,000 per annum.

Directors Amelia Fletcher and Bradley Fried received additional fees of £7,500 each for their role on the subsidiary watchdog the Payment System Regulator’s Board.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 20th July 2018 at 9:43 am

    A basic salary of £440,000 + £40,000 pension contributions + £34,000 of other emoluments. Hmmm. May we ask why he’s failed to address the issues of:-

    1. the vast amounts of uninsured liabilities in respect of the mis-selling of UCIS falling on the rest of us by way of the FSCS,

    2. the principals of the firms responsible being allowed to phoenix into new corporate entities,

    3. the FCA’s failure to identify and take action on potentially dangerous activities on the part of a relatively small minority of the adviser community by way of the date it requires firms to submit as part of its GABRIEL/RMAR system,

    4. the endless proliferation of ever more rules and regulations which, by his own admission, are of only minimal value in terms of curbing poor behaviours,

    5. the FCA’s relentlessly inflation-busting levy increases and

    6. any sort of rethink of how the FCA prioritises the allocation of its resources.

    Were we to see meaningful action on these, we might just about be persuaded to accept that he’s grasping a few nettles and trying to make a positive difference. But, so far, I don’t think we are.

  2. Before RP comes on and declares this justified and a refection of the terrific hard work.

    I am sure my clients (me too) will come to a different conclusion….

    The regulator commands way too much in its salary bill as it is, let alone the adage of bonuses irrespective of charity donations…..

    Scammers and regulators alike, rewards are bountiful !
    Have a great weekend !

  3. A pertinent question is what work or excellence over and above his normal duties has entitled him (and other FCA staff) the joy of a fat bonus.

    Years back journalists delighted in writing about advisers taking fat fees and juicy commissions. Maybe they should pry into this dark corner.

  4. When the average salary of the regulatory staff is way above that of the industry they try to regulate, questions will be asked and quite rightly, as we have to explain to our clients why their charges are what they are.

    To be fair though, I am well aware that there are some IFAs ” earning” similar numbers for very little effort, good old trail income and high initial based on outdated industry ” norms”, despite RDR and MiFID 11, so we should all look to to justify our reward structures.

  5. Julian Stevens 20th July 2018 at 3:35 pm

    On one level, it’s all very laudable for Mr Bailey to forego his bonus by giving it away to charities. But how about foregoing it by not receiving it in the first place, thereby reducing (albeit only fractionally) the burden on all of us out here whose levies are where all the FCA’s money comes from in the first place?

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