84% FSA Staff Get Bonus
Published / Last Updated on 04/07/2010
by Ashley Clark, Director
A report in industry newspaper FT Adviser (part of the Financial Times) has suggested that 84% of people working for the finance industry regulator, the Financial Services Authority (FSA) received a bonus last year.
A year in which the FSA presided over the biggest collapse in the banking sector in Britains history with many more related companies going out of business and compensation levies being increased on the industry on ‘good’ finance companies paying for the folly of ‘poor’ financial companies and poor regulation.
According to FT Adviser, they made a freedom of information (FOI) request that revealed 84 per cent of staff at the Financial Services Authority (FSA) were paid a bonus last year.
The regulator said 2785 employees received a bonus on 1 April this year for their performance in 2008.
To summarise the FT Adviser findings
· £21,988,813 was paid by the FSA in bonuses
· 3 Staff got over £85,000
· 9 Staff got over £50,000
· FSA increased its fee levy on the industry by 9.9%
This fee increase levied on the industry is more than treble the rate of inflation now, and 9 times the rate of inflation 18 mths ago.
We also know that FSA boss Hector Sants donated his £108,000 bonus to charity. We ask what right to he have to give away Need An Adviser’s and all other regulated firms hard earned fee levies? This is tantamount to theft.
Useful links:
Contact us - Book Callback - Free Consultation - Newsletter - Money MOT - Discounts
