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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, the regulator’s 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 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 under £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.”

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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