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FCA reveals senior management expenses including £450-a-day stays

FCA chief executive Martin Wheatley claimed over £1,800 in hotel and subsistence costs for four nights, figures published by the regulator show.

The FCA has published details of the expenses claimed by Wheatley, chairman John Griffith-Jones and other senior staff between April and September.

They show Wheatley claimed £1,834.66 in foreign accommodation and subsistence between July and September.

During this period, he travelled by Eurostar to Paris and stayed for one night, flew from London to Washington, staying for two nights, and travelled by train from Washington to New York and stayed for one night. His foreign travel expenses for this period totalled £763.82.

Between April and June, Wheatley claimed £241.83 for foreign travel and £554.42 for foreign accommodation and subsistence. This covered flights and a two-night stay in Dublin.

Including a domestic travel bill of £428.47, Wheatley’s total expenses bill for April to September was £3,823.20.

Griffith-Jones had the highest bill for the six-month period at £6,763.10.

He claimed £5,083.45 for foreign travel between July and September, as well as £332.11 for foreign accommodation and subsistence, and £350.22 for domestic travel.

During the period, he travelled from London to Edinburgh, staying for one night, from London to Washington, staying for two nights, and from London to Beijing for a three-night stay. He also travelled by train from London to Bristol.

Between April and June, Griffith-Jones claimed £209.21 for foreign travel, £321.30 for domestic travel, £276.49 for domestic accommodation and subsistence, and £190.32 for entertaining, working lunches and hospitality. This period covered travel to Edinburgh, a one-night stay in Leeds, and two trips to Basel – a one-night stay in May and a two-night stay in June.

FCA chief operating office Lesley Titcomb claimed £223.25 for the six-month period. She claimed £74.80 in domestic travel and £148.45 in domestic accommodation and subsistence.

FCA director of supervision Clive Adamson claimed £1,245.41 over the six-month period. Between July and September, he claimed £166.82 in foreign travel and £707.93 in foreign accommodation and subsistence, as well as £150.30 in entertaining, working lunches and hospitality.

FCA director of enforcement and financial crime Tracey McDermott had the lowest total bill of the five staff for whom expenses have been published, at £115.90.

McDermott claimed £75.90 in domestic travel over the six-month period, as well as £40 in entertaining, working lunches and hospitality.

In 2009, a freedom of information request submitted by Money Marketing found that FSA chairman Adair Turner claimed £812 for two nights at a hotel, and total hotel spending of £5,889 between November 2008 and March 2009.

Former FSA chief executive Hector Sants claimed £11,245 in transport costs over the three financial years to March 2009, for the occasions when his full-time driver was unavailable.

FCA senior management expenses
FCA senior management expenses      
Expenses claimed by FCA chief executive Martin Wheatley     
  April-June 2013 July-September 2013  
Foreign travel £241.83 £763.82  
Foreign accommodation and subsistence £554.42 £1,834.66  
Domestic travel £0.00 £428.47  
Domestic accommodation and subsistence £0.00 £0.00  
Entertaining, working lunches & hospitality £0.00 £0.00  
Total £796.25 £3,026.95  
       
Expenses claimed by FCA chairman John Griffith-Jones    
       
  April-June 2013 July-September 2013  
Foreign travel £209.21 £5,083.45  
Foreign accommodation and subsistence £0.00 £332.11  
Domestic travel £321.30 £350.22  
Domestic accommodation and subsistence £276.49 £0.00  
Entertaining, working lunches & hospitality £190.32 £0.00  
Total £997.32 £5,765.78  
       
Expenses claimed by FCA chief operating officer Lesley Titcomb  
       
  April-June 2013 July-September 2013  
Foreign travel £0.00 £0.00  
Foreign accommodation and subsistence £0.00 £0.00  
Domestic travel £0.00 £74.80  
Domestic accommodation and subsistence £0.00 £148.45  
Entertaining, working lunches & hospitality £0.00 £0.00  
Total £0.00 £223.25  
       
Expenses claimed by FCA director of enforcement and financial crime Tracey McDermott
       
  April-June 2013 July-September 2013  
Foreign travel £0.00 £0.00  
Foreign accommodation and subsistence £0.00 £0.00  
Domestic travel £62.30 £13.60  
Domestic accommodation and subsistence £0.00 £0.00  
Entertaining, working lunches & hospitality £0.00 £40.00  
Total £62.30 £53.60  
       
Expenses claimed by FCA director of supervision Clive Adamson   
       
Foreign travel £0.00 £166.82  
Foreign accommodation and subsistence £0.00 £707.93  
Domestic travel £203.45 £0.00  
Domestic accommodation and subsistence £16.91 £0.00  
Entertaining, working lunches & hospitality £0.00 £150.30  
Total £220.36 £1,025.05  

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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. Is it not just wonderful how our money is spent. What a disgrace

  2. What a wonderful contrast to PruProtect who expect their Business Consultants to share rooms on CPD events!!!!

  3. And our fee block has been over charged £118 million.

    I want my money back and I want it now please !!!! and it should be accounted for out of your bonuses and even claimed back from bonuses issued over the past 5 years !!!

    You are a bunch of money wasting, buffoon’s

  4. Wow!! That’s a bit of a contrast to a Serious Illness Cover provider who insist on their Account Managers sharing a room at CPD events!!

  5. Hector Sants once told me that it was not all 5 Star Hotels at the FSA. Hmm.

    The FCA Employee Handbook states,

    Unless there are valid reasons not to do so, such as you are attending an event organised by someone else, all hotels must be booked through Hillgate Travel on 69971. Where the FCA has a preferred hotel in the location this should be used where it is possible, economic and convenient to do so.

    UK hotels: The pre authorisation level is £150 per night excluding all taxes and breakfast.
    Overseas hotels: Outside the UK where hotel accommodation is particularly expensive, the pre authorisation level is increased:

    In Europe: to €200 (Euros) per night, excluding all taxes and breakfast.
    For all other countries excluding Europe and North America: to the equivalent of £170 per night, excluding all taxes and breakfast;
    North America: to US $350 per night, excluding all taxes and breakfast.

  6. That was a waste of 5 minutes of my time reading. I thought there was going to be some point at the end of the article?!

    As this seems to be the new news… I spent £8.42 on Lunch today and around £450 on lunch since September.

  7. What happened to treating customers fairly? We the IFA’s et al are the customers. It just goes to show it is one law for some and a completely different one for others.

    All aboard the gravy train!

  8. FSA and FCA are a law to themselves so why should they bother with what the handbook says.. Jaunts paid by the financial sector is their way and always will be. Time for common sense to take over and get the government to step in and make sure the FCA stop abusing their position

  9. @ Matthew
    You have a very valid point, but we as an industry do not subsidise your pint and cheese and pickle sandwich at the Red Lion, most afternoons.

  10. Actually, whilst I realise that this isn’t going to be popular, it seems to me that the current incumbents are an entirely different experience to the gravy train mob. To make this a story they had to quote from Adair & Sants – both of whom seemed to be of the ‘entitlement’ brigade.

    The current mob are spending at a rate barely a third of that under the old mob. If regulators need to travel, then they need to travel. Whether they do or not is another discussion that I’ve seen nothing for or against – but if they are travelling, I’d rather that the regulator was paying for it (and yes indeed I help fund that bill) than it was being covered by ‘special interests’.

    This looks like the histrionics regarding excessive expenses have been listened to, and they are travelling economy class, staying in reasonable hotels, and eating at reasonable restaurants. I do not begrudge the regulator doing their job.

  11. Is it just me, or is the notion of paying £11,000 for when his PERSONAL driver was not available as being utterly disgusting whilst the majority of the country are struggling to make ends meet?

    I sincerely hope that John Stirling’s comment about the current regime isn’t just the initial honeymoon period

  12. It’s apparently not good enough. Hector Sants just took a sickie from Barclays for stress. Poor thing. Whoever approved these expenses is expected to follow Mr Sants.
    Anthony Badaloo is Financial Adviser at Church Hill Finance
    http://Www.church-hill.net

  13. You can complain until you are blue in the face but they will just laugh at your comments, no they will guffaw at them.

  14. Come on guys. This relentless regulator bashing is getting a little tiresome, especially when this is a non-story.

    Compare these costs with senior execs from any other Financial Services organisations, and I am sure you will find they are actually on the low side.

    Get real everyone!!

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