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FSA staff broke handbook guidelines

Senior FSA staff have broken the maximum cash limits set out for hotel stays in the regulator’s staff handbook.

In July last year, Money Marketing revealed, through a Freedom of Information request, that in February, FSA chairman Adair Turner claimed £811 for two nights’ hotel accommodation.

He spent an average of £265 per night on hotels while FSA chief executive Hector Sants’ average bill was £225 per night.

Managing director Jon Pain claimed £545 for a two-night hotel stay and managing director Sally Dewar claimed £358 for one night’s hotel stay.

The average amount spent per night by all directors was £259.

The handbook states that hotel stays in the UK are subject to a maximum VAT-inclusive cost of £150 a night, excluding breakfast. This rises to £170 including tax for foreign hotels and £250 in North America.

An FSA spokeswoman says: “All FSA staff are expected to follow the expenses policy and we will always try to get the best deal available but we may not always be able to meet that limit due to exceptional circumstances that may arise.”

Highclere Financial Services partner Alan Lakey says: “The FSA is industry-funded and it is essential that they do not take liberties with our funds.”

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