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FSA expenses reveal £400 a night hotel stays

FSA staff have been claiming over £400 a night in expenses for hotel accommodation.

According to FSA director expense claims, obtained by Money Marketing through a Freedom of Information request, chairman Adair Turner claimed £812 for two nights at a hotel in February, with a hotel expenditure of £5,889 between November 2008 and March 2009.

Chief executive Hector Sants claimed £11,245 in transport costs over the last three financial years, for the occasions when his full-time driver was unavailable.

Turner spent an average of £265 per night on hotel accommodation, while chief executive Sants’ average bill was £225 per night.

Managing director Jon Pain claimed £545 for a two-night hotel stay and other claims included 70p for a newspaper. Managing director Sally Dewar claimed £358 for one night’s hotel stay.

The total expenses claimed by FSA directors over the past three financial years is just short of £110,000. The FSA says it does not keep a record of rejected claims.

The FSA says: “Many hotel costs are for international speaking engagements where it is necessary to stay in the same place as the conference is being held, which is often in capital cities where demand is high and availability often limited. We aim to get the best value from the range of options available.

“We are transparent about the costs of running the FSA and we publish summaries of our executives’ expenses on our website. Most expenses are for travel and accommodation costs incurred in carrying out FSA business, especially speaking engagements, international meetings and hosting our international counterparts.”

Highclere Financial Service partner Alan Lakey says: “Am I surprised? Of course I’m not. But I am angry that my money is being used in this way.”

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Comments

There are 21 comments at the moment, we would love to hear your opinion too.

  1. FSA expenses reveal £400 a night hotel stays
    It’s always nice to have your suspicions confirmed but these do-nothing jokers need to be fired!!

  2. FSA EXPENSES
    This should go to the National Press yet again the rich taking advantage of the hard working individuals struggling under a recession. I expect some poor broker will be fined tomorrow to pay for this and he will lose his livelyhood and home and Hector will be lavishing it up. Well done the FSA you truely are a fantastic organisation

  3. hotel expenses
    yet again these lot amaze people, jon payne well done, well done £545 two night stay probably a suite in a marriot and a daily sport newspaper i think they are about 70p, QUALITY, roll on the conservatives getting in, they get rid of the fsa, and the replacements will stay in a youth hostel and claim £2 for a daily telegraph, thats what is needed.

  4. Sants leads the way…again
    Good to see Big Hector biting the bullet and staying in cheaper hotels than his colleagues – first he declines a bonus and now he’s slumming it in £225 per night hotels. What a man! I’m a bit shocked bout Jon Pain claiming 70p for a newspaper though – can’t he pick up a copy of The Sun for 10p like the rest of us??

  5. Life of Riley.
    Now I see what my jumbo invoice from the FSA is for. I have stated before that like MP’s, the FSA are very good at spending other peoples money. Once again snouts and troughs spring to mind. Must go now, as I have to book a Travelodge.

  6. newspaper
    70p on a newspaper is scandalous

  7. FSA expenses reveal £400 a night hotel stays
    Have a bit of perspective – If that’s the most headline worthy piece from reviewing the FSA’s expense claims it tells me that they’re broadly honest. Where do you expect the directors to stay, the YMCA?

  8. FSA Expenses
    Well who would belive that an “Honest & Upstanding” body would have people within it enjoying a lavish lifestyle at our expense!! What is wrong with them staying in a Travelodge – probably where Sants driver was!

  9. FSA expenses – WHAT IS WRONG?
    Why oh! why do we have to whinge when very senior people in the FSA spend what is quite normal business expenditure at that level. I do not wish second rate minnows to be running the FSA but real good quality guys who present properly amongst their peers. Lets get real, these may seem very large sums to some amongst us but there are plenty of Sales staff who have very expensive tastes. Like us the senior people have appearances to keep up to and I see nothing out of place for hotels at that level. !

  10. Not Expensive
    As the head of an organisation do you expect Hector Sants to him to stay in a Travel Lodge.
    Would you if you were attending say the IFP conference which is this year being held at the Celtic Manor. These are not MPs fiddling the books they are doing their job and living in a manor to which they are accustomed.
    Stop beefing and concentrate on the bigger issue which is the overall cost of running the FSA and the fees we pay to the Ombudsman and such like.

  11. FSA Expenses
    £11,245 in addition to a full time driver? The jammy git! He must be laughing all the way to the bank (ah, but which bank?)

  12. GEOFF BUCKINGHAM 22nd July 2009 at 2:27 pm

    FSA DIRECTORS EXPENSES
    Many intermediaries who are struggling to keep afloat will be disgusted by this, and so too will the thousands of folk who have recently lost their jobs in the finance industry because it has not been managed correctly !

  13. FSA Expenses
    They better make the most of it, they wont be around for much longer to spend our hard earned money and will perhaps have to find a proper job.
    You are the weakest link – goodbye!!

  14. Julian Stevens 22nd July 2009 at 3:06 pm

    FSA expenses reveal £400 a night hotel stays
    If these guys are booked for “important speaking engagements” then shouldn’t the organisers of the events at which they’re speaking arrange for accommodation to be included at no charge? And if there’s such a big new appetite amongst MP’s to clean up their expense claiming practices, then surely this should extend to a quasi-governmental body such as the FSA (fsa.GOV.uk). Let’s face it, the FSA IS a government body in all but funding. We all know it. Only the FSA itself continues to try to deny it ~ like we’re all stupid and don’t know what’s really going on. Whatever happened about the National Audit Office’s investigation into the FSA’s financial management of its own affairs? If the FSA is replaced by the CPA, then there’ll be a lot to do to ensure the CPA isn’t just a mini-FSA, free to carry on ripping off the industry left right and centre with virtually total impunity.

  15. Do they give a jot??
    No, of course they don’t. If you were earning what they do, rubbing shoulders (and thumbs) with the epeople they do then you would want to stay in a decent hotel. I wanted to go to two High Court cases this year and I couldn’t even afford the train fares and two nights in a Travelodge. Not many IFAs know that, do they give a jot? Only when it is compulsorily extricated and squandered by ‘Elitist’ FSA officials. All this in the week that Gordon Brown and Alan Milburn complained about the ‘closed shop’ operated by so many professions!!

  16. Expenses
    So when 2012 arrives do I ask clients for £400 for my expenses for accomodation ? I would be surprised if they think it is not excessive !

  17. FSA expenses
    Disgusting > got to go. Got to pack my bags for my all expenses trip to Cowes, and then the 10 tickets to Arsenal v Spurs in the Queen’s seats.
    Get real chaps : it makes the world goes round. next we’ll be scrutinising the cost of postman’s bicycle clips.

    Saying that, shut them down , and see if they are so fussy when they want me to employ them as a compliance consultant. To J4 or not to J4, that is the question ?

  18. FSA expenses reveal £400 a night hotel stays
    Well put Julian Stevens regarding the ‘important speaking engagements’ undoubtably the organisers would pay! The question that these Executives should ask themselves is ‘if it was my money would I choose to stay in a £400 per night hotel?’ If the answer is no, then don’t spend other peoples money! I am a CEO of a product provider and always ask myself that simple question – and that is why my last overnight accomodation cost just £47.50 including a sandwich on arrival at the B & B and yes thank you I had a very comfortable nights rest!

  19. FSA expenses
    Is this the same useless organisation who did not moniter the banks and now thousands lose jobs. They have now gone overboard by fining everyone else they meet for not treating customers fairly. What happens to all the fines anyway? does it pay for more top quality staff, only the very best will do, and to top up their final salary pension scheme.

  20. FSA Expenses
    I am personally glad that Money Marketing have had the foresight to request a copy of expenses under the Freedom of Information Act, as this is the first stage in exposing the FSA as the quasi government quango that they really are. They hide behind their immunity given to them by parliament it is about time that they were exposed fully in the way that they work, how they make false interpretations on information given to them, and the bullying tactics they use that contravene human rights. Good luck to the Conservatives when they come to power even if their only manifesto policy was to disband the FSA I would vote for them !

  21. FSA EXPENSES
    I am a small town mortgage broker trying to make a living and treating my customers fair.This crowd [FSA] called with me last May to do a tcf inspection[I was direct at that time],they picked out a few small items to moan about but overall told me to join a Network as this would assist my compliance .I was direct with Network Data so I moved to being a A.R. because I become an A.R. in May the FSA made me pay 2008/2009 fees [£900] as well as pay fees through the Network and of course N/D WENT BELLY UP in March and I have lost another £7000 due to their incompetence of not properly regulating Network Data. The FSA have no cred with the brokers due to their greedy attitude ROLL ON THE TORIES!!!!!!.

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