Sants’ total remuneration was £623,170, while chairman Lord Adair Turner was paid £246,546 including benefits, between September 2008 and the end of March 2009, but was not eligible for a bonus.
There was a £10.6m shortfall between the £324.4m collected by the FSA in fees and its net expenses of £335m for the year, even though fees raised were up 7 per cent from £303.3m in 07/08.
The regulator secured an extra £100m in credit from HSBC, on top of the existing £100m facility it has with Lloyds Banking Group, in order to pay for IT development and the increased expenses it expects to incur delivering outcomes-focused regulation.
The FSA’s pension deficit stood at £88.9m at the end of 08/09, a reduction of £2.7m on last year.
The number of regulated firms dropped 3 per cent from 28,325 to 27,340 and a record 58 individuals were banned from carrying out regulated activities by the FSA for unacceptable conduct compared to the year before.
The number of approved persons decreased from 172,077 to 166,420.
Enforcement costs during the year were £35.8m, up from £29.4m 2007/08.
The report also reveals that staff costs like training, recruitment and pension deficit contributions, were £3.2m higher than budgeted for in the year, mainly due to extra contractors drafted in for supervision – although the FSA says this spend was recouped elsewhere.
The FSA increased its supervisory staff over the period from 526 to 703.
Former FSA director Sir James Crosby, who resigned in February after adverse
press surrounding his tenure as HBOS chairman, earned £63,250 in 08/09, up from £42,726 in 07/08.
Crosby attended nine out of the 12 FSA board meetings over the year.