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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 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 for a one-night stay, flew from London to Washington for a two-night stay, and travelled by train from Washington to New York for a one-night stay.

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.

FCA chairman John Griffith-Jones 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.

Including a bill of £997.32 for April to June which included travel to Edinburgh and three nights’ accommodation in Basel, Griffith-Jones’ total bill for April to September was £6,763.10.

Clearwater Financial Planning managing director Duncan Carter says: “The FCA should publish the reasons for these trips. You have to question why staff are going to Beijing and why a conference call would not suffice.”

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