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Wheatley takes £92k bonus as total pay rises by 15%

Martin-Wheatley-Speaking-2013-700.450.jpg

FCA chief executive Martin Wheatley received a £92,000 bonus for the year ending 31 March 2015, taking his total pay to £701,000.

Last year Wheatley did not take a bonus following the outcome of an enquiry into the regulator’s handling of the announcement of its closed book review.

His basic salary has remained static at £460,000, but the bonus means his total pay package has increased by 15 per cent compared to last year, when it totalled £610,000.

The FCA’s annual report, published today, shows that former FCA head of supervision Clive Adamson was paid a total of £438,000 in 2014/15, with a basic salary of £350,000.

In 2013/14 he was paid a total of £364,000 and a basic salary of £291,000.

Adamson resigned in December ahead of the publication of the closed book review. He was on six months notice and was put on gardening leave from January. His 2014/15 salary therefore includes pay up until 31 May 2015.

On a comparative basis, Adamson received a 3 per cent increase in his basic salary from £291,000 in 2013/14 to £300,000 in 2014/15. His total pay package rose by 5 per cent from £364,000 to £384,000.

FCA chairman John Griffith-Jones did not receive a bonus in 2014/15. His total pay was unchanged from the previous year at £192,000.

The median pay of the FCA’s workforce was £63,052 in 2014/15, down slightly from £63,199 in the previous year.

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Comments

There are 21 comments at the moment, we would love to hear your opinion too.

  1. Well what really is there to say ?

    Sick to the very pitt of my stomach, knowing there is not a bloody thing I can do about it

  2. Gordon Hewitt 2nd July 2015 at 1:37 pm

    So does that mean fines = bonuses??

  3. How, why???? Unless of course, given that bonuses in any sane company/sector or paid on achieving/exceeding performance targets, his target was/is to increase the frustration level of the Professional Intermediary sector to attain breaking point!

  4. a bonus for what? How can the Banks be criticised for bonus driven pay structures when the FCA are doing it? I guess its ‘old boys club rules’!

  5. …..and so why is the prime minister on such a poultry amount compared to the top tier of the FCA. Its shameful!

    • I totally agree with you Alan but there is one fly in the ointment. When you become Prime Minister you get that salary for life and not just for your term in office. So whilst it does seem a poultry amount, if you live long enough you become one of the highest paid public sector person ever.

      That said no public sector job should every pay 3/4 of a million pounds it is scandalous.

  6. I couldn’t agree more, when I worked as a tied adviser I got the occasional bonus for producing results. If I didn’t produce results I didn’t get anything!

  7. Royston Fielding 2nd July 2015 at 1:59 pm

    Time we ALL lobbied our MPs guys…..start with Andrew Tyrie and Mark Garnier, etc….let them raise the issue in the house ( live on TV also ? – BBC Parliament channel)….this CANNOT go on….or Mr Wheatley, have the courage to go public and justify…..can’t wait for the silence….

  8. How many small IFA’s has he had to put out of business to be award this amount?

  9. David Scrivens 2nd July 2015 at 2:52 pm

    It is amazing what you can get away with if you are not accountable to the people funding you.
    It would be much better if the Government paid for the FCA directly. That way they would care a little more about the wastage of cash that goes on there…

  10. Trevor Harrington 2nd July 2015 at 3:37 pm

    Extortionate salary and benefits, to him and his co-directors.
    Also declared a loss of £48 million for this year.
    Increased fees by 10% with a 0% inflation rate.
    Bonus gallantly refused last year – only to be re-awarded this year.
    Nobody has the authority to bring them to heel, not even the Treasury Select Committee, who are casually ignored.
    Ladies and gentlemen – we have created a monster, or should I say Gordon Brown created a monster, and it is now truly and totally out of control.
    The only person I can think of who might be able to do something about this is David Cameron PM.
    Let us hope that one of his minions brings it to his attention.

  11. I agree with above comments, I thought Sants was bad enough! Mr Untouchable laughing all the way to the bank.

  12. Lawrie Hainey 2nd July 2015 at 4:30 pm

    The rich get richer the poor get poorer!
    If you did not go to Eton then your not in the club!!
    Nobody especially in a government sponsored body should be paid this much.

  13. Malcolm Coury 2nd July 2015 at 4:55 pm

    Utterly unacceptable and completely out of control. This must stop in light of the gut busting rise in FCA levies put upon the advice sector this year, in particular the extortionate FSCS levy (circa 87% of our total FCA levies this year) which could actually be funded out of the fines collected. As I say, this is out of control and threatens the existence of many firms so it rubs salt in the wounds and just adds insult to injury. If this chap had a conscience he wouldn’t even consider taking a bonus.

  14. By the FCA’s own admission…

    “The remuneration of the highest-paid director in the financial year to 31 March 2015 was £659,886 (2014: £569,123). This was 10.5 times (2014: 9.0) the median remuneration of the total workforce which was relatively static at £63,052 (2014: £63,199).

    The increase in the median remuneration ratio from 9.0 in 2014 to 10.5 in 2015 is mainly attributable to the payment of a performance-related bonus to the Chief Executive in 2015 (2014:nil).”

    So, Mr Wheatley’s 2014 bonus was merely deferred for a year to allow the dust to settle after his handling of price sensitive information.

    Interestingly. the cost of the independent inquiry on this event (The Davis Review) cost over £3m.

    I wonder if this cost is ‘so last year’ in the consideration process of the remuneration committee.

  15. we provide a service to our clients for which they pay a fee on the FCA website there is a link to show clients how they can turn it off !
    I wish we had the same facility to turn off such a ludicrous amount he is being paid as I fear he dosn’t provide value for money Full stop

  16. Julian Stevens 2nd July 2015 at 8:00 pm

    Has the FCA’s performance, by any quantifiable measure, improved by 15% over the past year? Au contraire, methinks.

  17. It is an utter disgrace.

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