Hector Sant's £500,000 salary revealed
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The Financial Services Authority has released its annual report for 2009/10 today, which reveals Hector Sants, who resigned as chief executive of the FSA last year collected a salary of £500,000 last year, taking home a wage of £742,000 once his bonus and benefits are accounted for.
Other high earners include FSA chairman Adair Turner, who was paid £416,000 and Jon Pain who received £435,000, - £599,564, including bonuses.
Hants says the FSA’s principal achievement of the last 12 months has been the completion of its reform programme, which has radically changed its supervisory philosophy and its capability to deliver it.
The main features of this programme it says have been substantial investment to create the capacity and capability needed to deliver the new ‘intensive supervisory’ approach.
In particular, hiring 537 additional staff and the completion of a comprehensive training exercise of existing supervisors.
The creation of new, in-house analytical capability to provide sophisticated analytics in the areas of business models, accounting, and risk.
It says the new ’‘intensive’ model has already demonstrated its value, with the FSA making a series of proactive interventions during the year, including a comprehensive stress testing programme of the major banks, building societies and insurers.
As well as the facilitation of a number of key mergers in the building society sector and the implementation of the revised authorisation framework for senior management which led to 377 interviews being conducted, resulting in 27 applications being withdrawn.
It has also issued 46 fines with a record value of £33.6m and successfully completing two criminal prosecutions.
Sants says: “This will be my last annual report as the chief executive, so I would like to take the opportunity to thank the FSA staff for the tremendous support I have personally received over the period of my tenure, and also to recognise the outstanding level of commitment shown in the last 12 months - not only in managing the crisis but also in delivering a comprehensive reform agenda which has transformed the organisation.
“I believe the FSA is now a different and improved regulator both in respect of its philosophy and its ability to deliver that philosophy. It has demonstrated the characteristics that are essential to a successful regulator and proved to be an organisation capable of learning and adapting to an uncertain world.”
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Readers' comments (13)
Richard Jenkinson | 10 Jun 2010 2:42 pm
Can not believe there has not been a huge amount of comments yet, in line with every other FSA article. Watch this space.
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michelle ashworth | 10 Jun 2010 2:58 pm
£33.6 million in fines, £22.5 in bonus payments...... makes you wonder!!!
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Anonymous | 10 Jun 2010 3:18 pm
This is absolutely scandalous. Of course these people receiving lottery size salaries are going to tell us what a fantastic job that they are doing when in reality they are just another useless QUANGO. Come on George Osbourne do what you said that you were going to do and get rid of Gordon Browns FSA, whether Vince Cable likes it or not.
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Anonymous | 10 Jun 2010 3:44 pm
This really does stick in my gullet!
These guys have presided over some abysmal regulatory disasters, which ultimately resulted in many intermediaries, and their staff, losing their livelehoods, closing their businesses, and struggling under the weight of FSA fees and red tape.I say we should demonstrate outside Canary Wharf! Anyone willing to join me?...
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anon | 10 Jun 2010 3:55 pm
Quite a reward for failure. Maybe the bonuses would have been higher had the banking system totally collapsed
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Anonymous | 10 Jun 2010 7:35 pm
How can anybody presiding over a government department earn over 4 times what the person presiding over the government earns? Absolute madness when the prime minister earns less than somebody making a total mess of a government department. Come on Dave stick to your word and have maximum salary linked to the minimum in the same department.
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Anonymous | 10 Jun 2010 8:35 pm
WHATTTTTTTTTTTTTTTT
As a mortgage broker I have struggled through the last 2 years, watching my business levels drop by over 40% and these parasites feed on us like vampires, not living in the real world.
How much longer do we have to put up with this continual slap in our faces. We should all stop paying our fees and protest. Lets see how long they survive without our fees.
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joe | 11 Jun 2010 9:29 am
Striking formula for success!
Fail to do your job, fail to regulate EFFICIENTLY, bring industry to its knees, let fellow friends of organisations (like head of RBS) take his pension, shoot the small time brokers/advisers to keep the tap running - fine and bring people's careers (life and marraiges) to an end and make some money? Nice going Hector, you're just a dick like the others.
Left us in ruins and resigned, what do these people think this country is???
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Bobby | 11 Jun 2010 9:54 am
Isn't it odd that as the FSA's ever increasing cost ro run goes in almost exact parallel to the amount of fines it hands out. Odd that.
NOT.
Hector gets over £ 700k for being as useful as a paper hat in a waterfall and the broker community most of which are probably doing well to earn £ 20k per annum continues to be slaughtered.
Good work Hector.
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Anonymous | 11 Jun 2010 10:10 am
Quite astonishing...a chief executive of the FSA can command a salary than is double the size of that of a chief executive of a top ten building society. Tories get rid of these meal tickets!!
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