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Tiner receives huge pay increase but McCarthy’s pay drops

FSA chief executive John Tiner received an inflation busting 14 per cent increase in pay this year but chairman Callum McCarthy saw a slight drop in his pay package.

Tiner was paid £652,577 in 2007, compared to £572,619 in 2006, comprising a salary of £430,000, a performance related bonus of £95,000 and other benefits totalling £127,577.

Tiner will leave the FSA in July but will remain a formal employee of the FSA, on full pay, until January 2008. He will therefore be paid around £325,000 whilst on gardening leave.

McCarthy was paid a total of £433,565 in 2007, compared to £436,142 in 2006. As with previous years he requested not to receive a performance bonus.

The three managing directors saw large increases in total pay. Clive Briault saw a 7.5 per cent increase in pay, from £379,540 to £408,029, David Kenmir saw a 13 per cent increase, from £383,121 to £433,453 and Hector Sants saw an 8 per cent increase, from £445,303 to £482,829.

Total executive remuneration for 2007 was up 8 per cent at £2,410,453 compared to £2,216,725 in 2006.

McCarthy says: “During his time as Chief Executive, the management structure and systems of the FSA have been substantially altered and improved, and we have made strides towards becoming a much more outcome- focused, more productive organisation. All of us will miss him, none more than I.”

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