View more on these topics

FCA chair’s record annual expenses bill tops £40k

FCA logo new 3 620x430

FCA chairman John Griffith-Jones has surpassed the regulator’s executive expenses bill racking up more than £41,000 over 12 months.

The regulator revealed Griffith-Jones filed expenses of £41,132.75 in the 12 months ending in March through updated figures for allowances and expenses claimed by its chairman and executive board members.

Griffith-Jones racked up expenses of £7,260.91 in the first quarter of 2015/16, £13,489.61 in Q2, £8,988.17 in Q3 and £11,394.06 in Q4.

Former FCA chief executive Martin Wheatley’s annual bill for all of 2014/15 was previously the largest – the ex-boss claimed £33,017.59 for a full twelve months.

Across 2015/16, Griffith-Jones spent £34,652.04 on foreign travel and £3,547.94 on accommodation and subsistence while travelling overseas.

Domestic travel costs reached £2,085.84 for the year and domestic accommodation and subsistence spend was £846.93.

Griffith-Jones did not accumulate any costs for entertaining and working lunches over the 12 months.

Interim chief executive Tracey McDermott, who took over from Wheatley in September, incurred comparatively modest expenses of £6,367.73 in 2015/16.

Strategy and competition director Christopher Woolard, who joined the FCA board last August, spent £13,959.32 in allowances and expenses across the 12 months.


FCA logo new 3 620x430

FCA weighs ‘no claims bonus’ for FSCS levy

FCA chairman John Griffith-Jones has backed a “polluter pays” funding model for the FSCS and revealed the regulator will explore offering firms a ‘no claims bonus’. At a media briefing yesterday Griffith-Jones listed alternatives to how the scheme is currently funded – through an annual levy based on different classes of business – including a […]


FCA to review how it runs redress schemes

Incoming FCA chief executive Andrew Bailey is set to examine how the FCA deals with redress exercises. Speaking to the Treasury committee earlier yesterday, FCA chairman John Griffith-Jones says Bailey will work with the regulator’s board to draw upon its experience of dealing with issues including missold payment protection insurance and interest rate swaps. He will […]

FCA logo glass 2 620x430

FCA sees 80% jump in contested enforcement cases

The number of FCA enforcement cases contested by firms has increased by 80 per cent in one year, data shows. FCA figures show 17 more cases were referred to the regulatory decisions committee last year, bringing the total number to 38 for 2015, the Financial Times reports. The committee is part of the FCA’s independent […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


News and expert analysis straight to your inbox

Sign up