Appearing before MPs on the Treasury Select Committee last week, Financial Services Authority (FSA) chairman Lord Turner said it was necessary to offer Tony Hobman a pay packet amounting to £350k to tempt him to head up the Money Advice Service (MAS).
His actual total annualised remuneration package in 2010-11 was £364,061, of which £318,114 was paid pro rata as he joined in May 2010, according to written evidence submitted to the committee.
Lord Turner said the package, which he now admits was too high, was set by cross reference to the then salary and remuneration of the head of the Financial Services Compensation Scheme (FSCS), and also taking into account his previous remuneration.
But was this correct, and how does Hobman's pay, subsequently £314,061 in 2011/12, stack up compared to his peers?
Did FSA need to offer MAS boss Hobman £350k?
Mark Neale became chief executive of the FSCS on 4 May 2010 and, between then and 31 March 2011, received a total of £249,191.
Meanwhile, his predecessor, Rommel Pereira, was awarded a total of £346,454 in 2009/10, giving credence to Turner's assertion last week.
As for Hobman himself, he was chief executive of The Pensions Regulator before joining the MAS, and his pay packet totalled somewhere between £185,000 and £195,000 in 2009/10, with £10-15,000 in accrued pension at age 60 (as at 31 March 2010) plus a lump sum of between £35-40,000.
Across at the Financial Ombudsman Service, chief executive Natalie Ceeney's total package was £224,596 in 2009/10.
However, putting everyone else to shame, former FSA chief executive Hector Sants was paid £835,731 in 2011/12, up from £806,810 in the previous year, although he passed his bonus onto charity on both occasions.
Hobman, it should be noted, told the FSA board he did not wish to be considered for a bonus in 2011-12.
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