View more on these topics

FCA pension scheme drives £29m annual loss

The FCA made a loss of £29.3m in 2013/14, largely driven by losses connected with the defined benefit pension scheme the regulator inherited from the FSA.

In its 2013/14 annual report, published today, the FCA revealed it had a deficit after tax of £2.9m, and an actuarial loss of £26.4m related to the DB scheme.

The regulator’s total pension liabilities stand at £126.4m, compared to £114.7m in 2013.

Overall, fee income fell 3 per cent over the year from £449m to £435.4m. The FCA says it reduced the amount it collected from firms in 2013/14 by £19.5m, following an underspend reflecting the FCA not being at full headcount. 

But other income more than doubled from £16.7m to £35.4m, driven by £11.3m collected from interim consumer credit applications.

The annual accounts reveal FCA chief executive Martin Wheatley received a £30,000 pay rise in 2013/14, taking his total pay package to £610,000. Of this, £41,000 was paid in pension entitlements.

Recommended

Emerging-Market-Growth-Growing-General-700x450.jpg

Nest hands emerging market mandates to HSBC and Northern Trust

Nest has added emerging market funds to its default option, with the mandates going to HSBC Asset Management and Northern Trust Asset Management. The fund will invest through HSBC Global Investment Funds Economic Scale Index GEM Equity Fund and The Northern Trust Emerging Markets Custom ESG Equity Index Fund. The funds will form part of […]

Spotlight on charges 700x450.jpg

Zurich cuts charges across platform

Zurich is merging the two top-tiers of its current platform charging structure, meaning assets up to £100,000 will now be charged at 0.35 per cent. Currently assets up to £50,000 are charged at 0.45 per cent, while assets from £50,000 to £100,000 are charged at 0.325 per cent. In addition, the platform is waiving its […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Is this why none of the top boys pay into it they all have their pension benefits paid to their own schemes ?

  2. Not really income though is it, regulatory fees are mandatory charges!

  3. Julian Stevens 10th July 2014 at 5:44 pm

    The damned thing should be wound up, deficit or not, and all members transferred to a contributory DC scheme. But hey, it’s all just OPM, so what the hell? We’re the FCA so we can do what we like.

    What’s APFA trying to get done about it?

  4. Are they fit and proper to act as our regulator ?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com