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Chief of City regulator collects £108k bonus
The Financial Services Authority annual report reveals that chief executive Hector Sants was paid a £108,000 bonus last year.
Markets
The Financial Services Authority annual report reveals that chief executive Hector Sants was paid a £108,000 bonus last year.
The outgoing chief executive collected salary and benefits totalling £742,000 for 2010 up from £623,000 in 2009. The pay packet of FSA chairman Lord Adair Turner has doubled to £482,000 from £246,000 but the overall cost of boardroom pay has fallen to £2.6 million from £3.1 million.
The FSA announced in February that its annual funding requirement would increase by 9.9%, or £40.9 million to £454.9 million. The FSA’s budget has grown as it recruited staff for its new intrusive supervisory regime.
The FSA annual report from 2009 revealed that the regulator borrowed £200 million from HSBC and Lloyds Banking Group after running over its budget.
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3 comments so far. Why not have your say?
Fergus Foster
Jun 10, 2010 at 13:23
So running over ones budget is considered to be GOOD PERFORMANCE, and constitutes adequate grounds for payment of a bonus?
I see now where I went wrong.
report thisAnonymous 1 needed this 'off the record'
Jun 10, 2010 at 14:16
Obviously one would assume the qualifying criteria for FSA bonuses must be to capably demonstrate a general level of operating incompetence and poor management.
report thisjulian ironside
Jun 11, 2010 at 13:32
Why oh why do Civil Servants get bonuses and again, why, when they have palpably demonstrated levels of incompetence (in this case the FSA and its lack of oversight of the financial meltdown)?
They also spend huge sums on consultants to show them how to do the job they should be doing. CHOP CHOP CHOP.
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