Former FSA chief executive Hector Sants is set to receive a pay package of up to £3m when he joins Barclays next month as head of compliance and government and regulatory relations.
The Financial Times reports Sants (pictured) is set to become one of the 10 best paid executives at the bank.
The newspaper says according to people familiar with the deal, Sants will be paid a base salary of £700,000, with an annual bonus of less than £1m depending on performance. Up to £1.5m will be paid under a long-term incentive plan over at least three years, also based on performance.
Barclays did not comment on the figures but told the FT executives’ incentive plans had paid out at 37 per cent of the maximum over the past five years.
The FT reports Sants chose the Barclays role over a rival job offer from Deloitte, which is believed to have offered him a pay package worth half of what Barclays is paying.
Barclays announced last week the former regulator was taking up a role at the bank and joining Barclays’ executive committee. He will join on 21 January.
Sants will oversee all compliance activities across Barclays and across all regions, in what will be the first time all the bank’s compliance staff will report to one individual.
Sants left the regulator in June but was on paid gardening leaving until the end of the year. During this time he was paid his annual £500,000 salary plus benefits.
The FSA’s annual report for 2010/11 shows Sants was awarded a total pay package of £806,810 in 2011. This is made up of a base salary of £500,000 plus a performance related bonus of £115,000, other benefits of £131,810 and pension contributions of £60,000. Sants was awarded a £143,750 bonus for the 15 months to the end of March, but donated it to charity.