View more on these topics

FSA preparing for £10m salary increases and up to 15% bonuses

The FSA has set aside £10m in its 2009/10 budget to increase staff salaries that are not on par with industry norms, as well as 15 per cent of total staff salaries for potential bonuses.

This is up from 12 per cent of total salaries last year.

An FSA spokesman says pay increases and bonuses will only be awarded where they are warranted.

He says: “We have put aside up to £10m to support moves to create more effective supervision. There are some staff working here who are being paid less than the accepted level paid in the wider industry. So this money is for salary increases, not bonuses.

“The FSA has also put aside up to 15 per cent of salary for bonuses, but people will only get discretionary bonuses if their performance warrants it. It’s not a guaranteed bonus for everyone.”

The FSA’s Business Plan lists total staff costs, including travel, training and recruitment, as £306.4m for this year, up 24.4 per cent from £246.4 last year.

The regulator has announced it will hire an additional 280 staff for its supervisory enhancement program, taking the total staff at the regulator to just over 3,000.

Recommended

Austin McBride

Ignis Asset Management has big plans, as head of UK retail sales Austin McBride explains. “We want to be a top five player,” he says simply.

‘Brace against downturn’

The FSA says advisers must take measures to ensure the sustainability of their business model in the current economic crisis and is calling on networks to think carefully about increasing numbers at this time.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment