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.