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More than 200 FSA staff earn over £100k

More than 200 FSA staff earn over £100,000 per year.

A Freedom of Information Request, from web portal Cherry, found that 198 staff earn between £100,000 and £199,999, while 11 earn between £200,000 and £299,999 and four earn more than £300,000.

According to the FSA’s last annual report in 2009, chairman Lord Adair Turner earned £219,000, chief executive Hector Sants earned £478,000, wholesale managing director Sally Dewar earned £290,000, retail markets managing director Jon Pain earned £240,289. In 2009, executive director and non-executive director remuneration at the FSA totalled £2.9m.

The freedom of information act note would not specify as to where the earners worked within the regulator.

The FSA also revealed that turnover has reduced from 13.1 per cent in 2007, to 9.2 per cent in 2008 and 4 per cent in 2009. Since 2007, 35 employees earning a six-figure salary have left the FSA for a variety of reasons.

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Comments

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

  1. Julian Stevens 2nd June 2010 at 3:35 pm

    Print this article and send a copy of it to your MP requesting his/her comments.

    The UK financial services industry is not an inexhaustible cash cow, despite the FSA treating it thus, and it is patently unjust that the IFA sector is charged a wholly disproportionate percentage of the total cost of supporting the current regulatory system.

  2. Jane Anderson 2nd June 2010 at 3:36 pm

    Incredible!

    Giz a job!

  3. Thats a lot of money to earn. I am sure we are getting what we are paying for.

  4. How many staff are there at the FSA !!! 209…!

    Wonder how much the tea maker and post boys get paid.. I might apply to work there !

    UNBELIEVABLE

  5. There is a price to be paid for failure, and this is it!

  6. Suzanne McDade 2nd June 2010 at 3:40 pm

    This is disgraceful – IFA’S are paying for these people to have jobs that pay unbelievable amounts of salaries.

    What have they done to justify their earnings ?

    We pay our fees yet receive no service in return.

    Look at all the advisors caught up in Network change-overs such as Park Row and 2Plan who haven’t been able to earn a living for almost 8 months yet we have the people that are running the FSA earning crazy sums.

    The FSA are faceless and the biggest hinderince to the Financial Service Industry. They need completely overhauled and replaced with a more transparent and open organisation that works with IFA’s not against them.

    How about treating IFA’s / Advisors fairly for a change and giving us some value for money – afterall, without us you wouldn’t have a job as there’s no chance of actually taking action & extortionate fees from the banks!

    It really makes me angry to learn of the amount of FSA staff that earn more than what would be acceptable for the jobs they do.

    Far too many staff are under qualified, unskilled, unprofessional, lack basic communication skills & manners and have no idea what it is the FSA are supposed to be doing!

    Too many policies, crazy criteria, lack of understanding and ultimately a law unto themselves.

    Who is regulating the regulator ? God help us all!

  7. GEOFF BUCKINGHAM 2nd June 2010 at 3:40 pm

    Coming on top of some of the recent revelations of the FSA’s disgracefully imprudent expenses fiasco, this just makes my blood boil even more!
    So, whilst many experienced and qualified intermediaries buckle under the pressure of the credit crunch and the soaring cost of regulation, the regulators themselves are feeding voraciously from the trough which we pay into…

  8. WTF ! I am so glad the FSA has increased my fees by 33% this year. Need to keep paying these donkeys the £100,000 + wages that they dont deserve. maybe they will totally ruin the country next time they fail to supervise the banks properly. Hmmmm !!

  9. Incompetent Regulators Awards Team 2nd June 2010 at 3:40 pm

    I think they all deserve a proper rise as they all do such a great job!

    Create financial stability
    Create consumer confidence
    Always catch the bad boys
    Know what they are talking about
    Create really fair rules for the industry to work in
    Keep out bad practices
    Have a great vision and protect all consumers
    The FSA is a great asset to the UK
    World Class Regulator – great example to world
    Good and honest employees
    Highly qualified staff
    Increase consumer choice etc etc etc…

    Give them more and please put our fees up as we pay too little for this great regulator…………………..

  10. This article highlights a problem I always have in relation to salaries. Perhaps they are paid these very high salaries, but I am certain that they do not “earn” them.

  11. No wonder!! Is it me or is the FSA like speed cameras? It’s all about fining firms and and achieving targets than actually looking to enhance the industry.

  12. Frankly I think this is disgraceful, no wonder the country is in such a fiscal mess.

  13. Outrageous! Mr Cameron and Mr Clegg look this way and make those cuts.

  14. Here we go again those nice people at the FSA are using our money to line their pockets. This really is the final straw George Osborne get rido the FSA and put in its place an organisation that understands Financial Services and does not keep takinghe proverbial with our money

  15. So,

    198 Earning £100k – £200k
    200+ Earning £200k+
    11 Earning £200k – £300k
    4 Earning £300k+
    ——
    413+ Earning £100k++

    3,300 Employed staff at FSA (acc. to website)

    That means >12.5% are earning £100k+

    And, with an average of say £150k overall, thats a total cost of (arguably) well over £61,950,000 …

    So this leads to the qns/points:

    (a) When can I join – as I want to earn this much??

    (b) On a ‘like-for-like’ basis, proportionately more FSA staff earn more than (typical) IFAs, I guess

    (c) I can think of many, many better uses for (at least) £62m+ (schools, hospitals, etc)

    (d) Or, it could go towards cutting the national debt … …

    (e) What the *@#£ were the 35 who left doing … doh … not getting your noses to close to the trough?!?!?!?!

    (f) Guess where the increased fines/levies this year will be going …

    (g) Just watch the stats for next year …

    Worth every penny, methinks!!

    Not.

  16. I have in the past referred to the people who run the FSA as educated idiots, i now feel i must retract that They are educated and we financial advisers who who work long hours and care about our clients OH and study at the behest of these educated “people” for the want of a better word,
    we are the idiots, roll on 2012 lets all leave and leave the FSA to it.

  17. Enough is Enough – many brokers have gone to the wall or are doing different jobs since the banks who were NOT regulated properly destroyed this economy.

    So bankers made huge losses plus destroy the whole of the UK’s economy and they get huge pay and bonuses – FSA didnt regulate those banks properly which allowed them to do that and they get huge pay and bonuses….

    Us brokers do the slightest thing worng and the FSA is closing our door and issuing huge fines. Treating Customers Fairly… IFA’s and Brokers am one of the FSA’s & Bank’s Customers and we dont get treated failry at all.

  18. Advisers have to justify what they charge.

    When are they going to implement “Treating Advisers Fairly”.

    Sorry I forgot what a good job the FSA made of regulating the banks.

  19. Disgusting !!!

    Too many of them being paid too much !

    They should be paid by results…….they would have all received nothing & been dismissed due to their hopeless performance regarding the Banks……and they are STILL NOT affecting them now !!!!!!

  20. reply to 'how funny!!' 2nd June 2010 at 4:08 pm

    in reply to ‘how funny’

    If you’re an IFA your calculations are embarrasing and this is why we get taken advantage of by the FSA!

    Is it not more like 213 over £100k? Making the rest of your attempted rant near pointless.

    They’re paid too much for the impact/value they offer. Simple and unfortunately rather ridiculous.

  21. I wonder if Count Dracula was well paid also. After all he and the FSA do the same thing.

    Are they not Civil Servants and should they not be included in the seeping cost cutting measures of our new Coalition Govt??

    Go get them George and don’t be shy.

  22. I would not pay these cretins, even in washers. The slime balls have put my fees up by 33%.Treating Brokers Fairly, FSA, your having a laugh.

  23. Absolutely disgraceful. Their gross inefficiencies allowed Banks and Yanks to bring the nation to it’s knees with many intermediaries who fund these astronomic salaries struggling to survive. This is a scandal and needs to be broadcast to your newly elected ‘hung’ parliament in the hope that a radical overhaul of this organisation is fast tracked. I wonder how many self certified their mortgage applications? These salaries are totally out of touch with reality. Despicable!

  24. If these morons have the temerity to respond they will probably come off with the cliche “We have to pay martket rates to attract and retain talened staff required to do the Job at hand”. If the FSA think that what they have currently got is talent (considering all the failings that have happened then no wonder we are all in such a bad state. Its pathetic and I like most IFA’s in this world am totally disgusted with the regulator. Thare an expense that the country, industry and consumers could well do without.

  25. There is no way that 200 of these average people can command salaries of £100,000 +
    I hope the coalition starts right here in its cost cutting

  26. Someone needs to get their act together. I have never been so disgusted in my life. the have just drummed out several people, who becasue of the recession cannot find £1100- £1700 in fees. This just proves that the FSA just do not understand what is happening out there and they are just getting their nose deeper and deeper in the trough. If we treat our clients the same way the FSA treat us we would be hung, drawn and quartered by them

  27. …….plus DB pension scheme or do these figures include that?

    Plus expenses, PMI, cars maybe?

    But don’t blame the employees because it’s not their fault – they are only taking advantage of what was on offer from the previous government. Maybe this government will change things?

  28. I never heard anyone moan about the MCCB nor do I think they earned anything like these fees. There is no point complaining because like MP’s these people do not live in the real world. They do not understand that £100K+ is a huge salary, they think it mediocre. I have said it before and I will keep saying it the FSA is a BODY that is out of control, it is a man made monster and so long as the people that run it are allowed to run it as they see fit they will keep the wheels turning and think of new ways to make themselves indispensible and able to charge what they like – sounds a bit like a monopoly – which they would not allow in the financial world. They are not effective in what they do, they are obviously not respected within our own industry and they are not cost effective. So why are they there !!

  29. Same old stories getting rehashed over and over, obviously a slow day at MM (and how does Julian Stevens always manage to comment first?!?!).

    And nice maths “how funny”. Are you a financial adviser?

  30. Pissed Off IFA 2nd June 2010 at 4:39 pm

    Having seen this, I am well and truly xxxxxx off.
    The whole world has gone daft or am I just jealous. It would appear that the more crooked that you are in life the better off you become. IFAs now live in a world of fear whilst these people can dish it out and take the coats of our backs.

  31. I think an E petition for an inquiry into Salaries at the FSA should be launched.

    Can this be arranged or indeed Money Marketing should forward the article to a mainstream newspaper for publication.

  32. Simon Mansell 2nd June 2010 at 5:11 pm

    Want to know what is wrong with UK plc? Go catch the Canary Wharf Gravy Train – not one of them know hows to run and business, look after their clients (us). They don’t know much about regulation come top that. Oh but they are rather good and fee increases and the decimation of 10,000 IFA responsible for so few compliants.

  33. Shukeel Chohan 2nd June 2010 at 6:18 pm

    I’m pretty certain that if the top 20 highest paid donkeys at the FSA didn’t turn up for work for the rest of the year that the organisation would still continue without them. Poor performance of the FSA couldn’t possibly get worse, could it? Wow,amazing I’ve just come up with a cost saving exercise and I haven’t even conducted a feasibility study.

  34. Alan Parkinson 2nd June 2010 at 7:12 pm

    Some of them earn nearly 4 times what the Prime Minister of the counrtry earns, something is very very wrong here.

    I truly hope the Conservative ministers who are hopefully going to mince this disfunctional gravy train have read this scandalous report.

  35. If you want to set up a petition you can do it here:

    http://petitions.number10.gov.uk/steps

    Cherry have 30,000 people in their database so I’m sure they could mail the link to everyone once it was up and running! 😉

  36. I think one must not too carried away, as the FSA is a huge beast. If they are ever to get any near catching the banks and regulate them correctly, they have to big salaries to ex-bankers to get them onside and who have the ability and knowledge to do the job. It takes a thief to catch a thief and all that.

    If they don’t pay big salaries, then all the smartest people will just go and work for a bank and they will never be able to regulate them properly.

  37. The number of grammmatical errors including spolling mistarkes, punctation in addishion to terrible mathematical errors on this site is unreal. Is it any wonder the FSA don’t take the IFA industry seriously?

    The sooner higher levels of educational requirements for IFA’s/ bank advisers finally comes in, the better for all concerned.

  38. Half the story again, open the goodie box and add all the expenses and the wonder of low staff turnover is exposed.

    At the same time is screams about the independence of those responsible for awarding such high sums.

    The good point is that a window of opportunity exists for salary reduction at the FSA. With other Civil Servants having forced wage cuts impossed, competition for the top jobs will increase.

  39. How funny .... maybe nOtt!! 3rd June 2010 at 9:05 am

    Bad day in the office for me … …

    That’ll teach me for not re-reading before pressing the ‘go-go-go’ button … joys of rushing around, I guess

    Thank God they (those erroneous figs I posted) didn’t get sent to a client …

    … just the world-wide-web!! Oooooh boy!!

    Memo to self: stop and thinc beffore pressin eny buttinz 😉

  40. David Townsend 3rd June 2010 at 1:25 pm

    For goodness sake people! Stop grousing on here and get writing to your MPs.

    Anonymous – stop telling us how we can set up a petition and DO IT!

    I have just written to my MP – David Cameron. Please people, do the same!

  41. Richard Wilson 3rd June 2010 at 4:58 pm

    Here! Here! David.

    Actions speak a lot louder than words.

    Get writing to the MP’s. Deluge their in trays.

    Come the Revolution!!!!!!!!

    Better to have tried and rattled a few cages than to have not to have tried at all.

    Those that attempt change can comment those that just whinge and whine just end up just like these parasites – ineffectual.

  42. TALLY HO, I’M WITH DAVID TOWNSEND AND RICHARD WILSON, FORGET THE EMAILS, WRITE TO YOUR MP AND COPY IT TO THE PM.

  43. I am surprised to hear that more than 3,000 FSA staff earn less than £100,000.

    A message to those who think they are the only people who have rattled cages: Get a grip.

  44. I think we all ought to protest by refusing to pay The FSA’s outrageous fees. The way they are going, they will kill the financial services industry, and then who will pay their outlandish salaries.

    What gets me, is that the average member of the FSA’s staff earns more than the average IFA who they regulate. What kind of topsy turvey world is this?

  45. It’s another case of “do as I say not as I do”.

    So much for TCF!

    More like “fill your boots!!!

  46. I watched the Godfather again the other night – wonderful film – and it got me thinking: The Corleone family made theirr ill gotten gains through protection rackets; you know forcing people to pay them to protect their business when at the same time beating them up or putting them out of business. Is it just me or do some of the rest of you draw the same parallels with the FSA?

  47. Make your views known :-
    Follow link:-

    http://programmeforgovernment.hmg.gov.uk/banking/

    They say they want to know what you think.

  48. LOL, poor FSA being exposed. Let’s face it guys after all they allowed the Banksters to get away with the robbery we all know about, so they felt they should jump into the gravy wagon. The Lib-con government should close the FSA, just another Quango for the “boys”. Should give the Bank of England the authority to regulate the Banksters and the rest should be refulated by the OFT.

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