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FSA staff turnover doubles

Annual staff turnover at the FSA has more than doubled over the past year, from 4.9 per cent in 2009/10 to 10.4 per cent in 2010/11.

The regulator published the figures as part of its annual report for 2010/11, which measures the progress made against its business plan, published in March 2010, over the year from April 1, 2010 to March 31.

The FSA says it has increased staff levels in line with its more intrusive approach to supervision and, as a result staff turnover has varied.
It says: “While our turnover went down considerably during the financial crisis it is now starting to return to the level we would expect.”

The regulator paid £24.8m in annual staff incentive rewards in 2010/11, the equivalent of 13.8 per cent of the FSA’s total salary bill.

In 2009/10, the FSA paid out £21.9m in annual incentive rewards, which was also 13.8 per cent of the total salary bill.

FSA chief executive Hector Sants was the highest-paid director over the last year, earning £806,810 compared with £773,067 last year.

Sants’ remuneration includes £500,000 basic salary, £115,000 in performance-related bonuses, £131,810 for car expenses and other flexible benefits and a £60,000 payment in lieu of a pension contribution.

FSA chairman Lord Adair Turner took a £10,000 increase in his salary to £426,000, after foregoing an increase to £435,000 in April 2009.

The amount raised in fines rose from £33.5m in 2009/10 to £91.2m in 2010/11.

Overall, the FSA spent £450.8m compared with a budgeted spend of £458m. It raised £464.2m in fees from levy-payers compared with £435.5m the previous year.

PMI Independent Financial Advisers director John Stewart says: “It is not surprising to see FSA staff turnover increasing because of the uncertainty over its transition into the Prudential Regulation Authority and the Financial Conduct Authority.”

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  1. What a performance!! who decided on these obscene bonuses? names on a postcard please. Oh and perhaps someone could explain just exactly what thier performace was that lead to this disgraceful display of self gratification. Surely these amounts are suppose to be deductions, has everybody fogot this mob presided over the biggest failure of the financial sytem known to man.

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