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FSA wages rise 22% in five years

Average salaries for FSA staff have risen 22 per cent over the last five years to £51,232.

Figures from the regulator published in the Financial Times show that excluding directors FSA staff were paid an average of £51,232 for the year to March 2010, up 6 per cent from 2009.

Senior management wages have risen 14 per cent since 2005/06, from £206,391 to £236,950 in 2009/10.

The enforcement division saw the largest jumps in salary, with average salaries up 26 per cent from 2005 to £53,207.

FSA chief executive Hector Sants told the FT: “These figures reflect our tougher approach both to enforcement and supervision, which we have underpinned by bringing in more experienced people. It also reflects our success in controlling costs in the non-regulatory areas of the business.”

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There are 48 comments at the moment, we would love to hear your opinion too.

  1. This is cost control!!!

    I hate to see the increases if they hadn’t controlled costs.

    Our money being wasted yet again

  2. ‘experienced’staff?
    When the Governor of the bank of England talks about ‘young inexperienced people’ attending meetings,are we talking about the same business? The FSA!
    It seems they are`c well on course to be a ‘Public Sector employer’
    May we all be saved by a pruning of Public sector wages and personnel.

  3. Greedy pigs.

  4. The Gutless Prophet 3rd March 2011 at 11:09 am

    Considering this article was written to generate a negative reaction (please see Daily Mail for other examples) I thought I could go first..

    This is disgraceful! The FSA are clearly lining their own pockets. Lets stick it to them! Who is with me?

  5. What a deserving bunch (not!) It’s called pigs at the trough!

  6. Where is it going to end we have a regulator who answers to no one, is soon to become bigger than the IFA industry itself, does very little to protect the ordinary consumer, allows Banks to rule the very core of its heirachy, and with RDR fundamentally illegal it still managese to employ more staff each year and secure wage rises most sectors havent witnessed in years

  7. And we all thought the MP’s were bad. This is a gravy train at its worst. Whilst every IFA is cutting back because of high fees the FSA is giving good rises. Disgusting

  8. Seriously guys – If you were at the FSA, you’d be lapping up those wages. These are comparatively reasonable and, don’t forget, an average.

    The article doesn’t’ even state what type of Average.

    Is the entire MM readership subject to such knee-jerk hypocrisy?

  9. FSA wages rise 22%

    IFA’s earnings down 22%

    Status Quo achieved…………………………

    but that does not account for the increased time reading page after page of utter drivel or filling out form after form these moronic cretins create that are decimating our industry.

    Equal Rights………..Bah

  10. 22% rise for what exactly? Why do I have to continually sit professional exams to prove my competence, when the FSA seem to be able to screw up without need to prove their own incompetence.

  11. I assume then that by definition leaving payments have/ will increase too?

  12. I think to put this into perspective you should have mentioned how many MORE staff they now have at these salaries as well.

    The FSA is becoming a colossus that consumes more and more of our money for what seems like very little in return or any real perceived value that we can say is money well spent.

    After well over a decade one would have hoped that by now “our” confidence in the FSA and the value they provide in protecting the consumer is money well spent, but I am not sure many will feel that is the case and sadly we are still pouring more money into this bottomless pit of hungry mouths.

  13. ……in line with the fees we pay then……

  14. Please remember that these are ‘average’ salaries. The reality is that in most cases for the average FSA employee there has been a wage freeze over the last 2 years. There are many employees on less than £30k. Perhaps it is the manager’s pay structure that needs examining….and not just the senior managers. Note…I am an ex FSA employee and left to find that commercial firms pay more than the ‘average’ FSA salary.

  15. Fat Cat that fails to catch mice - by Zorro 3rd March 2011 at 11:27 am

    Fat Cat that fails to catch mice

    Rip Off Britain!
    Rip Off Regulation

    Too many people gaining rewards without success!
    And these are the very same Fat cats that want to abolish commission – a directl link between effort and returns!

  16. Yet the police and other vital workers in society are expected to take a pay cut.
    But it is a difficult one this – we need experienced staff at the FSA and as I alluded to in another post this is not cheap.
    Sadly, the poor office juniors are getting nothing for the second year running. That annoys me.

  17. It very sad to read these comments, from supposed professionals, many of whom hide behind “anonymous” which frankly should not be permitted MM.

    The bulk of FSA staff work and live in the London area, which is expensive, they need to be paid well for their experience. As in anything, there will be some poor staff and some excellent ones – true of management, CEOs and footsoldiers.

    I would guess that much of the rise is due to the closure of the final salary scheme and the appropriate compensation that had to go along with this.

    Constantly carping about the FSA as though they are all a bunch of greedy good for nothings, is just stupid playground antics. For the most part I am sure that most of them do a very good job and have to deal with some very cantancerous advisers who are often delusional about their own perfect businesses.

    I would agree that costs need to be controlled, but this article is pointless and inflamatory to those that want to read it that way. Where is the context?

    There are many within the FSA that feel they are genuinely cleaning up the industry for the public, protecting them from cowboys – and they meet quite a few. Certainly it would appear that a more thoughtful and level headed approach would not go amiss, and I dare say that average IFA salaries or income is much lower than the FSA would perhaps assume from “greedy advisers”. Both sides could do with pausing for breath and thinking a little longer before unleashing some really rather silly comments.

    Yes I am an IFA, yes I don’t approve of the way that everything is done but until a better solution to the problem of managing conflict of interest, this is the system we have.

  18. Because they are worth it?

  19. I note with considerable interest that the ‘non management’ average salary is about twice the national average earnings figure. How can this possibly considered ‘cost control’

    Regarding the ‘management’ salaries, how many of these £200,000 plus per annum ‘pigs’ are there with their noses in MY trough?…..and they obviously can’t even do the bloody job…….

  20. how can they pay more for this sector and justify job cuts in NHS and police. they are being rewarded for failure in 2007/8 and the lead up to the crash. uk govt and systems are a joke

  21. Over 80 life companies closed to UK business since the FSA appeared.
    150 networks closed.
    75% of Mortgage/insurance brokers gone.
    20% of IFA’s will go pre RDR because they choose to or dont want to or can not meet requirements.
    40% of IFA’s expected to change status POST RDR because they won’t have a HNW client base to earn a living and pay the FSA fees/FSCS etc
    Barclays Out of the advice busines with more to follow.
    Worst banking crisis ever, fewer banks and Building Societies.
    The worst pensions and savings gap on record from the best 14 years ago.
    PPI & FSCS complaints and payments

    ……So good to see the FSA they are now taking a “Tougher approach” needing a 22% rise in incomes (does that include Bonus) as a reward for their sterling work.

  22. Well i don’t know about you but I’m off to look at their careers page 6/14% a year the way things look ant bad???

  23. Isn’t it great to see a business thriving in these hard times when due to the incompetentness of the FSA, everyone else is losing their jobs, businesses / banks have failed, IFA’s discriminated against si that banks can eye wipe investors unopposed? It’s lovely to see such acumen being rewarded and being beyond the reach of government. Well done FSA for being so untouchable! Even dictatorships can be toppled but not the FSA dictatorship. No one else is so unassailable, you deserve to have your snouts in the trough. ‘Fill yer boots’ until you have no IFA’s left to regulate and get ready for the huge bonuses in ‘Bankland’ when you take up your rightful positions with your mates.

  24. A day after the Theresa Young has suggested a two year pay freeze for Police Officers when a constable’s starting salary is £23,000.

    By comparison where is the value in paying £51000 to an unqualified employee of the FSA. Waste of money.

  25. David Frankland 3rd March 2011 at 11:55 am

    as my Mum used to say…”do as I say not as I do….”
    maybe thats where the extra fscs levies went….ho hummmm

  26. Well put Dominic Thomas

    It is undoubtedly true many FSA staff are trying to do their best in a flawed system of regulation and that is the real issue for us all, it is “flawed” and will continue to fail and cost us all a fortune until the flaws are corrected.

    Sadly the new FCA etc doesn’t look like it is going to do that in my view but I suppose we have to give them a chance but as it is OUR money they are spending my patience ran out years ago.

    I still believe “product regulation” with a product levy” to help pay the costs of regulation and protecting the consumer has to be the way forward or at least be given a chance as an alternative. Sadly it doesn’t look like it will even get a chance as no one listens to us anyway do they?

  27. No doubt, there will be record comments about this article. Most IFAs are struggling to make a living now because they are being completely laid down by the regulations that these FSA bullies impose on them. Hitler and his team were angels compared to this bunch. Fines, fines and more fines…. They will no doubt for their huge wage packets. Send them to Libya to stand trial with Gaddafi for crimes against society!

  28. Where do we find the application forms to join them?
    As the old saying goes if you can’t beat them join them.

  29. Re Dominic Thomas
    “Constantly carping about the FSA as though they are all a bunch of greedy good for nothings, is just stupid playground antics”
    No it is not. Many good advisers are struggling to keep their own staff who have not had a pay rise. They are also juggling running a business with sitting exams feeding their families, advising clients.and p,aying fscs interim levies for the failure of products they did not recommend in the first place.

    Rather than cleaning up the industry as you maintain, the fsa presided over the worst financial crisis in decades and rewarded themselves very handsomely for their gross negligence and failure.
    The posts simply show the strength of feeling amongst the adviser community. As far as we know, we still live in a democracy, although under the fsa that is difficult to believe at times.
    So if we want to sound of about undeserved pay rises we will, whether you like it or not.

  30. Come the revolution, Michael Fallas and Dominic Thomas can keep good old Hector and his team of henchpersons company when being pinned up against the wall.

    Viva Les IFAs!!!!

  31. FSA chief executive Hector Sants told the FT: “These figures reflect our tougher approach both to enforcement and supervision, which we have underpinned by bringing in more experienced people. It also reflects our success in controlling costs in the non-regulatory areas of the business.

    How???

  32. 4 the love of God 3rd March 2011 at 1:06 pm

    Who are to blame? We are!

    I say this because we have & are allowing the “powers” that be dictate our every move in this democratic (not) society we live in!

    IFA’s pay the wages for what seems to be the whole market place! If we do not unite we will be crushed, forever!

    Is there a leader out there that can help?

  33. Viva La Revolution

    lets lay siege to the FSA………

  34. Anthony Walker 3rd March 2011 at 1:17 pm

    They are an absolute disgrace totally out of touch and dragging our financial services further into mire

    People voted for a change with a new goverment who seem to be more out of touch than the last lot and this is coming from a life long tory

  35. Off with their heads!

  36. Is this salary before the finaly salary pension too? Probably worth around 25% of the same, plus the job security etc.

    I’ll take a job there for £40k plus pension etc. I can tell them where the cons are, which companies need regulating more closely, how people avoid regulation.

    However, I am guessing I wouldn’t get a job there as I am a qualified IFA with long experience in this and other financial industries.

  37. Sants says “These figures reflect our tougher approach both to enforcement and supervision”. So he is saying the salaries are based on how much pain they dish out. Well on that basis there is a lot more to come, regardless of whether it is right or wrong.
    Fred the shred has nothing on this type of pond life. We do NOT live in a free society and it is only when people decide to take strong action in standing up for their human rights that anything actually ever gets changed. Yes, somebody who can organise things is desperatly needed. Unfortunately I do not have that capability but so many IFAs would get behind the right person and be willing to march for justice.

  38. I take it they must’ve been sending the Office Juniors to challenge the Bank Chiefs.
    Either that or the idiots they sent were vastly overpaid.
    Surely, it can’t be the latter option.

  39. clearly linked to the RPI in regulatory costs and not wider RPI.

  40. Michael Fallas 3rd March 2011 at 1:59 pm

    @ Pissed off IFA

    I think you are reading my comments incorrectly.

    I do not believe the FSA have done their job correctly and as I have said the system (which they developed) is flawed but you cannot blame everyone at the FSA for being at fault as many have litrtle choice but to do what they are told.

    It is those at the top who are very very well paid by us all and they are the ones who have in my view failed us all, so by all means have a go at me but I think you will find if you read my many other posts I am no friend of the FSA or indeed Mr Sants but one has to try to be sensible here.

    I want a “revolution” and that means no more FSA so I suspect we are all on the same side of the fence just trying to be a little bit more sensible and balanced on the issue.

    Until the FSA or whatever regulator we have abides by the same rules, regulation, responsibility and accountability and are liable for their mistakes until they die like we are expected to be then I have no respect for the FSA or anyone who believes they are above the rest of us acting like they are God , judge and jury as if they never make their own mistakes. They make as many mistakes as we all do but don’t pay for them, we do and that is wrong pure and simple and I want fairness and justice in our industry and the FSA do not give us that at all.

  41. Money Marketing Online Article 21 Jan 2011 6:33pm
    The FSA has told staff that they will not be getting a pay rise for the second year in a row.

    An email sent to regulator staff today says: “Last year, as you know, the vast majority of staff did not receive pay rises for 2010.

    – Yet this says up 6% 09-10…What is going on?

  42. Norman English 3rd March 2011 at 6:40 pm

    Fat cats getting fatter, they slam the banks then pay themselves more. What about the ground troups who are struggling with ever increaseing costs and regulation. My income has dropped over 50% in the last 5 years.

  43. 4% p.a. isn’t exactly ceiling busting.

    And I’m sure that the same people complaining about FSA staff being too junior are on here complaining that FSA wages being too high. See a connection at all?

    No, I don’t work for the regulator. I just won’t be whipped into a frenzy by sensational reporting!

  44. Hi Anonymous 3 Mar 2011 6:10 pm, I’ll see if I can explain it to you in simple terms;

    Firm has 2 employees on 20K per annum – average wage is 20K.

    Next year they take on a new member of staff at 30K, but the existing 2 employees dont have a pay rise – the average wage is now 23.3K, a 16% increase, but the (existing) staff haven’t actually had a raise.

    Hopefully this is clear now?

  45. There is an organisation called ‘Liberty’ possibly we all should be approaching them and considering joining/donating if they can help?

    They have helped many different groups of people over the years, they are experienced in our type of human rights etc

    Look through their history properly.

    Please look them up and give us your thoughts?

  46. Anonymous 4.24
    I contacted Liberty a while age
    Not interested would be an understatement

  47. ‘Reflects our success in controlling costs’ Hector Sants must have attended the same business school as Gordon Brown!

  48. I have recently joined the FSA from the private sector and earn “above average”. Since the events of the credit bubble, the FSA realised that they needed a different type of regulator. As a result, they have had to pay higher wages to attract staff often from the The City, where wages are fairly high to start with.

    Even at a senior level, FSA wages cannot compete with mid-level City wages.
    .

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