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FSA staff pay frozen for second year

Most FSA staff have had their pay frozen for the second year in a row.

An email was sent to staff at the regulator last week ruling out pay rises for the majority of employees. The email says: “Last year, as you know, the vast majority of staff did not receive pay rises for 2010. We have announced today that again there will be no across-the-board pay rises for this year.”

This time last year, chief executive Hector Sants emailed all staff to say the regulator had not put aside funds for pay increa-ses for 2010.

He added that the FSA’s bonus pot for 2010 would be the same level as 2009, at 15 per cent of the total salary pot. An FSA spokeswoman says the 2011 bonus policy is in line with this level. She adds: “Any bonus payments that will be made will be performance-related.”

Baronworth Investment Services director Colin Jackson says: “It is good to hear there will be no general pay rise for FSA staff as that is probably in line with the whole of the market. The FSA has to lead by example.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. With the average annual pay packet for FSA employees being £92,848, combined with the FSA’s utterly dismal record of failures, many might well suggest that salaries should be cut by 20%. Fat chance of that.

    One wonders who will be the lucky few to receive a rise based on their “outstanding performance” throughout 2010? Those who came up with the best list of new regulatory initiatives, perhaps?

  2. “Ah diddums!” Maybe they can tap into that £20m bonus or even the £10m set aside for 2009/10. That should see them through this hardship. If they really are then take some tips from the 10,000 plus advisers shortly to have their entire income frozen for keeps C/O level 4 RDR!!

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