New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FCA chief nets £449k pay package in first year

Financial Conduct Authority (FCA) chief executive Andrew Bailey received a total remuneration package of £449,000 in his first year on the job.

FCA chief nets £449k pay package in first year

Financial Conduct Authority (FCA) chief executive Andrew Bailey received a total remuneration package of £449,000 in his first year in the job.

According to the FCA's annual report for the year ending 31 March 2017, Bailey received a basic salary of £330,000, along with a performance-related bonus of £65,000, £30,000 in pension contributions and a further £24,000 in other benefits. 

The bonus has been split in two so that £26,000 was paid in March 2017, and the remaining £39,000 will be paid in March 2018 if the FCA's remuneration committee agrees Bailey should still receive this. 

This represents a marked decrease from that awarded to previous chief executive Martin Wheatley, whose pay package in 2016 included a basic salary of £633,000, a bonus of £48,000 and pension contributions of £57,000.

However, Wheatley's package in 2016 included salary he received while on gardening leave which was not included the previous year.His 2015 package was worth £701,000. 

Director of strategy and competition Christopher Woolard netted a total of £409,000 in the year to 31 March 2017, up from £286,000 the previous year. This comprised a £300,000 basic salary, £50,000 performance-related bonus, £30,000 pension and £29,000 benefits. 

Former acting chief executive Tracey McDermott, who left the FCA in July 2016, received £367,000 in total, consisting of a £284,000 salary, £11,000 performance-related pay, £35,000 pension and £37,000 benefits. 

Chairman John Griffith-Jones took home a total of £193,000.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
6880.19 + 73 1.08% 04:35
More Content
More Content

ADVICE

2 Comments Running out of money is the biggest retirement fear

Running out of money is the biggest retirement fear

Running out of money is the number one fear when we think about retirement.

twitter_banner

INVESTMENT