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FSA’s Wheatley scoops £50,000 bonus payment

Martin Wheatley, chief executive designate of the Financial Conduct Authority, has already been paid more than £50,000 in performancerelated bonuses since joining the Financial Services Authority last September.

The FSA published its annual report for 2011/12 last week, which sets out salary and benefits paid to FSA senior management.

Wheatley, who joined the regulator as managing director of the conduct business unit, was paid a basic salary of £250,833, plus a total performance-related bonus of £50,500.

In addition, he was paid benefits of £60,180, and £38,144 as part of his defined contribution pension.

Hector Sants, chief executive of the FSA who is leaving the regulator at the end of this month, was the highest paid director during the year, with a total pay package of £835,731.

Sants declined to accept a performance-related bonus of £143,750, which was donated to charity instead.

FSA directors’ pay totalled £2,709,896 for 2011/12 – a 10% drop compared with £3,003,443 in 2010/11.

Former FSA director of enforcement Margaret Cole, who left the regulator in March, was awarded a total performance-related bonus of £113,000 during the year.

This was in addition to a salary of £417,938, benefits of £29,618 and a pension payment of £55,383.

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