FCA reveals how much directors claim in expenses

FCA chairman John Griffith-Jones racked up £27,000-worth of expenses in the year to March 2014, new figures published by the regulator reveal.

Figures published last week show Griffith-Jones (pictured) claimed £15,000 for foreign travel between October and December 2013. He also expensed £300 worth of lunches and entertainment.


Between January and March, he claimed almost £6,000 for foreign travel and £900 for foreign accommodation and subsistence. This covered two trips to Frankfurt, each for one night, and a two-night stay in New York. 

Meanwhile, FCA chief executive Martin Wheatley billed for £22,000 of expenses during the period, the majority of which was made up of foreign travel and accommodation expenses.

Wheatley claimed £9,600 for foreign travel between January and March 2014 and £1,500 in foreign accommodation and subsistence. This covered a two-night stay in New York, a one-night stay in Paris via the Eurostar and a round trip to Hong Kong and Sydney, staying two nights in Hong Kong and one night in Sydney. 

Director of supervision Clive Adamson spent £11,000, including more than £1,000 in receipts for lunches and hospitality, while chief operating officer Lesley Titcomb spent a total of £1,600, all of which went on domestic trips.

Enforcement director Tracy McDermott posted just £200 for domestic travel. 

In July, the FCA defended its spend of almost £100,000 on five board away days over the past five years, including the decision to hold its November meeting at a five-star luxury hotel.

At the regulator’s annual public meeting, Griffith-Jones said: “I am completely confident that the expenditure incurred was of a workman-like nature.”

A freedom of information request by Mortgage Strategy’s sister title Money Marketing revealed in February the regulator spent £97,975 between 2009 and 2013 on annual two-day meetings at off-site locations for its board.