FSA reveals latest executive pay and bonuses
Financial Conduct Authority (FCA) chief executive designate Martin Wheatley has already been paid over £50,000 in performance related bonuses, after joining the Financial Services Authority (FSA) last September.
The FSA has published its annual report for 2011-12, which sets out how the regulator has performed against its business plan for the year. It also sets out salary and benefits paid to FSA senior management.
The annual report shows that FSA chief executive Hector Sants, who is leaving the regulator at the end of the month, was the highest paid director during the year awarded a total pay package of £835,731.
Sants declined to accept a performance related bonus of £143,750, which was donated to charity instead.
Total FSA directors’ pay amounted to £2,709,896 for 2011-12, a 10% drop compared to £3,003,443 paid to FSA directors in 2010-11.
The FSA introduced a one-off extended performance period last year to align reporting with the financial year. (article continues below)
Wheatley, who joined the FSA in September as managing director of the conduct business unit, was paid a base salary of £250,833, plus a total perfomance related bonus of £50,500. In addition he was paid benefits of £60,180, and £38,144 as part of his defined contribution pension.
Sants will continue to be paid his £500,000 salary plus benefits of £131,981 and a £60,000 pension payment while he is on gardening leave until the end of the year.
Former FSA director of enforcement Margaret Cole, who left the regulator in March, was awarded a total performance related bonus of £113,000 on top of a salary of £417,938, benefits of £29,618 and a pension payment of £55,383.
Lord Adair Turner, who will remain as FSA chairman until the transition to the new regulatory structure is complete, was awarded a salary of £426,000, plus benefits of £22,274 and a pension payment of £52,200.
FSA executive pay table from 2011-12 annual report:
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