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Martin Wheatley awarded £650k pay package

Martin Wheatley 2 2013 700x450
Financial Conduct Authority chief executive Martin Wheatley

Financial Conduct Authority chief executive Martin Wheatley received a total pay package of over £650,000 in 2012/13, including an annual bonus of £86,000.

Sky News revealed the figures last night ahead of the publication of the regulator’s annual report, expected later today.

According to Sky News, Wheatley was paid a base salary of approximately £430,000 in the year to the end of March plus pension contributions and benefits of around £150,000.

Wheatley joined the regulator in September 2011 as managing director of the FSA’s conduct business unit.

Between September 2011 and March 2012 he was awarded a total pay package of just under £400,000, including a base salary of £250,833 and a performance related bonus of £50,000.

Last year former FSA chief executive Sir Hector Sants was the highest paid FSA director with a total pay package of £835,731. Sants donated his £143,750 performance related bonus to charity. He joined Barclays in February as head of compliance and Government and regulatory relations.

The FCA declined to comment.

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Comments

There are 31 comments at the moment, we would love to hear your opinion too.

  1. Glad to see my money is well spent !!!!

    £86k bonus ? what for exactly ?

    For the life of me, I cant see what he is doing to warrant this kind of money. But then again he does get to pay himself what he likes, little wonder the 16% hike in fees will support his pay & bonus for next year.

  2. Way down the gravy train 10th July 2013 at 9:43 am

    This cannot be justifiable, but these types of executives, seem to be able to write their own cheques!

  3. Here we go again. Now we know why our keep going up we have tp pay stupid salaries to people who are intent on ruining the financial sector. Just think what our fees will be when there are only a few advisers left to pay the FCA staff income and bonuses.. Bonuses I ask you why should he get a bonus is it based on the number of advisers he can get rid of.

  4. Of course they declined to comment… What could they possibly say to justify it?

  5. nice work if you can get it!

  6. I’m introducing a new policy whereby Mr Wheatley must document what service he has provided to each individual fee payer and offer them the opportunity to stop paying the fee if they are not happy with the service provided!

  7. About 4 times the PM gets paid then.

    Unbelievable.

  8. paul standerwick 10th July 2013 at 10:17 am

    An absolute disgrace! What a joke that everyone is talking about greedy bankers and this seems to be going almost unnoticed by the public.

  9. Ridiculously high earnings and benefits for a public sector worked – more than 3 x what David Cameron receives – it just is not right.

  10. Ahh, now we see what the massive 16% fee rise is for.
    They are telling us to reduce prices but award themselves eye watering bonus payments.
    Perhaps Deloittes should have a word with him.
    Advisers must not be remunerated in such a way as to create bias, the FCA want to know what any bonus payment is for. Surely we have a right to know how Wheateley came by his £86000
    was it so many £££ per reduction in IFA numbers?
    I have two client meetings today. I will draw their attention to this when I set out my charges.

  11. All of these London based CEO and Senior Civil Servant types are completely out of touch with the real world, i.e 95% of the UK, where £150,000 is a high salary and £250,000 is a mega high income.

    Go away and live on your own planet, wherever that is, ‘cos you don’t belong on mine.

  12. He was banging on yesterday about how the FCA is a very different animal…..
    Not from where I’m sitting it isn’t if this is anything to go by. What on earth is this guy doing apart from utterring a few useless sound bites, to warrant such a pay package? The mind boggles.

  13. At least his salary is less than Hectors. A small improvement, but still too much. I would have thought that 200k would be as much as any quango boss or public servant should be paid including any performance bonus. After all, unlike private industry, there is little personal risk, a gold plated pension that will probably be maximised and a post position career path that others can only dream of.

  14. Last year former FSA chief executive Sir Hector Sants was the highest paid FSA director with a total pay package of £835,731. Sants donated his £143,750
    Look up the charity commission website and search for number 1078555 if you want to see where this money was spent.

  15. this is about 2-3 times the PMs salary

    ridiculous

  16. How can a public servant get a bonus ffs?

    It certainly aint for introducing efficiencies into the FSA/FCA.

    Their are constant complaints in the press about bonuses in industry that are so convoluted they are paid irrespective of performance and yet the FCA which no doubt castigates banks for this type of thing do the same themselves!

  17. Same old same old gravy train. New regulator my proverbial !

    It stinks to high hell – am I the only one who is tired, so very very tired of all this ?

  18. Just looked up 1078555 on the charity commisions website and Hector’s bonus went to….

    THE SANTS CHARITABLE TRUST

  19. Disgraceful!
    A few comments re 16% fee increase. My understanding is the IFA fee block is increasing by 16% but will be paid for by 25% fewer advisers so a real 20% increase

  20. RegulatorSaurusRex 10th July 2013 at 12:35 pm

    The job of regulating banks was taken away and the CEO of the SIB gets a pay rise??

    Does not compute…

  21. Sants received a further £300K AFTER he left – he must have needed new garden furniture!

    Turner recveived £250K AFTER he left because he left before his contract finished.

    And Maggie Cole received £250K AFTER she left.

    WE received a16% Fee rise & Deloittes who received goodness knows how much from the FSA say WE MUST HALVE our fees!
    Type up a list of directors pay and bonus packages and severence payments in bold print, frame them and hang them on the wall where you meet with clients and then tell them why financial advice costs are so expensive.
    The FSA/FCA are a joke, they want to scrutinise every penny we earn yet award themselves celebrity style salaries with no explanation of why they receive such handsome bonus payments.
    It is time we marched on parliament and demanded some action.
    We are being FLEECED dry by an unelected unaccountable quango.

  22. I have just read a further article on the staff pay which indicates the salary budget/costs has increased by 15.4 million, yes 15.4 MILLION after they decided to put in 22 million into the staff pension deficit !!! which by the way we pay for as well.

    This extra cost has paid for 5 new directors and 30 new heads of department.

    They must be pissing themselves laughing at us.

  23. Nice to see contempt for normal people is still alive and well at the FCA. Ask any defrauded investor if they are happy for this level of remuneration for people who regulated firms and allowed their money to be stolen and then try to blame it on mis-selling.

    Actually theft is still theft, mis-sold or otherwise and the sooner the FCA do the right thing and have some humility the better.

    Farce.

  24. Wheatley’s bonus is more than some people have in their pension pots after a lifetime of contributions.

  25. @DH and others.

    Might I point out that Mr Wheatly doesn’t pay himself – we pay him. All the bleating won’t do any good, but there is one thing we can do if we have the guts – if we all refused to pay our FCA bill- or reduce it or withhold it till the very last moment. They couldn’t possibly de-authorise us all. It would be huge publicity, put them in a total spin and may well lead to a decent result.

    But this is a pipe dream, we don’t have the guts, we don’t have the cohesion and we don’t have a trade body that will lead us in this direction.

    But it’s nice to daydream.

  26. Good idea Harry
    How about it APFA or IFA centre?

  27. @Harry, if you do, I will. We could all pay it to an escrow account first and then one person either pushes the button for all of us to pay or not if we don’t think they have been brought back to reality.

  28. Try listening to the opening lines of Ian Dury’s song “Plaistow Patricia” and imagine he’s addressing these idiots on your behalf.

    Made me feel better anyway

  29. @ Harry
    I’m in, as Paul has said, put the fees into an escrow account. but I do think we need a trade body to unite us so we all do the same.

  30. Bravehearts you just unfortunately prove the point. I would imagine that the combined fees for those of you keen to take up the idea doesn’t even equate to a week’s salary at the regulator. We would be squashed like flies. For it to work we would need not only small IFAs, but the large organisations and even the fund managers. As I said a nice day dream, but what chance of reality? None I would guess.

    PS and if you are serious there’s not a lot of point in being anonymous.

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