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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.



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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 ?

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