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Wheatley takes £92k bonus as total pay rises by 15%

FCA chief executive Martin Wheatley received a £92,000 bonus for the year ending 31 March 2015, taking his total pay to £701,000.

Last year Wheatley did not take a bonus following the outcome of an enquiry into the regulator’s handling of the announcement of its closed book review.

His basic salary has remained static at £460,000, but the bonus means his total pay package has increased by 15 per cent compared to last year, when it totalled £610,000.

The FCA’s annual report, published today, shows that former FCA head of supervision Clive Adamson was paid a total of £438,000 in 2014/15, with a basic salary of £350,000.

In 2013/14 he was paid a total of £364,000 and a basic salary of £291,000.

Adamson resigned in December ahead of the publication of the closed book review. He was on six months notice and was put on gardening leave from January. His 2014/15 salary therefore includes pay up until 31 May 2015.

On a comparative basis, Adamson received a 3 per cent increase in his basic salary from £291,000 in 2013/14 to £300,000 in 2014/15. His total pay package rose by 5 per cent from £364,000 to £384,000.

FCA chairman John Griffith-Jones did not receive a bonus in 2014/15. His total pay was unchanged from the previous year at £192,000.

The median pay of the FCA’s workforce was £63,052 in 2014/15, down slightly from £63,199 in the previous year.

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  • opus appleby 6th July 2015 at 4:07 pm

    bl00dy crook going to fine themselves are they or is just for another wheatley bonus…parasite

  • Amir Kharkowa 3rd July 2015 at 7:55 am

    And the regulator wants the bankers to cut their bonuses. Hmmm!

  • Chris Hulme 2nd July 2015 at 2:47 pm

    So the 10% increased in mortgage levy to £34m plus a similar percentage to almost £80m on financial advisers is paying for these salaries and bonuses rather than for the reasons argued in the FCA Regulated Fees and Levies 2015/16 publication last week. In those 97 pages the regulator said: “We, and the FSA previously, have consulted each year on the increase in fees for these fee-blocks to fund the additional costs that were believed to be necessary to meet our statutory objectives in regulating the mortgage sector.”

    Please correct me if I have misunderstood….and to repeat a comment I have made previously – a 10% increase in income? When politicians vote themselves a payrise of similar proportions there is outrage, when a regulator answerable only to themselves does it the tumbleweed arrives and what little challenge there is falls on the ears of monumental deafness.

    Adviser numbers are down by 90% of the headcount of 2011/ 2012 effectively bringing an increase in fees to brokers over the last 3 years or so of over 1000% per head in real terms.

    Has regulation protected the client any better now than it did 4 years ago? or 8 years ago? or even 11 years ago when the FSA took over mortgage regulation? I think we all know the answer to that.

    Just how far into our pockets and therefore the clients pockets can this go before the industry collapses under the burden.