The FCA has spent almost £100,000 on five board away days over the past five years, Money Marketing can reveal.
A freedom of information request, submitted by Money Marketing, found the regulator has spent £97,975 between 2009 and 2013 on annual two-day meetings at off-site locations for its board.
This equates to an average spend of £19,595 per year.
The FCA says it holds an off-site board meeting once a year, which takes up half a day of a two-day meeting. It says the rest of the time is given over to reviewing and setting the strategic direction of the organisation, including challenging the future business plan priorities and expenditure.
Last month Money Marketing reported the regulator had paid £14,764 to hold its November board meeting at The Grove, a five-star hotel in Hertfordshire.
The FOI request says the FCA spent £17,123 on the away day. A spokeswoman for the FCA says £14,764 was the cost of the original invoice for the event, but this was later updated to £17,123 to include additional costs for speakers.
The spokeswoman says away days are not always held at The Grove, but declined to give further details.
Thameside Financial Planning director Tom Kean says: “The choice to hold board meetings at extravagant locations is extremely insensitive to the industry which pays for it.”