Average salaries for FSA staff have risen 22 per cent over the last five years from £41,975 to £51,232.
Figures from the regulator show staff at head of department level or below were paid an average of £51,232 for the year to March 2010.
Senior management wages have risen by 15 per cent since 2005/06 from £206,391 to £236,950. The enforcement and financial crime division saw the biggest rise, with average salaries increasing from £42,217 to £53,207 over the five-year period.
The supervision division saw average salaries rise by 14 per cent from £42,305 to £48,263, while operation division wages were relatively flat at £34,702 from £33,511 in 2005/06.
Between 2005/06 and 2009/ 10, the number of permanent staff recruited annually has gone from 425 to 500. The number of new recruits to the enforcement division went from 37 to 65.
A total of 283 permanent staff left the FSA in 2005/06, compared with 181 in 2010. In those totals, 32 left the enforcement division in 2005/06 and 16 left in 2009/10.
FSA chief executive Hector Sants says: “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.”
Highclere Financial Services partner Alan Lakey says: “I am struggling with additional fees to pay for these increases, so I am unimpressed. I understand the need to attract better staff but am concerned about the woeful lack of understanding the FSA seems to have in dealing with retail financial services.”