The FSA's frontline staff have enjoyed average salary rises of 22% in the past five years, as the watchdog has beefed up its supervision and enforcement divisions.
FSA figures show the average salary for rank and file staff for the fiscal year ended in March 2010 was £51,232, the Financial Times reports.
This is up 6% from 2009 and 22% from 2005-06. The figures do not include data for the current fiscal year, which ends this month.
Senior management salaries rose 14%, from £206,391 in 2005-06 to £236,950 in 2009-10. The consumer prices index rose almost 14% during the same five-year period.
The biggest salary gains came in the enforcement division, where Margaret Cole, now an FSA managing director, brought in experienced investigators and lawyers.
Average salaries rose 26% between 2005-06 and 2009-10 in enforcement, to £53,207.
During the same period, average salaries in the operations division, which includes IT and support, rose only 3.5% to £34,702.
The FSA funds its budget through industry levies and some City groups have been supportive of its efforts to hire people with more experience, even at higher cost.
After the 2007 collapse of Northern Rock revealed serious deficiencies in bank supervision, the FSA sharply increased its overall hiring and the number of people assigned to supervision and risk.
Overall hiring rose 66% from a low of 300 in 2006-07 to 500 in the last fiscal year. The number of those recruits assigned to supervision and risk more than doubled to 157 and 126 respectively.
As of February this year, 1,158 people were working in supervision and 391 in enforcement.
The data suggest staff turnover fell during the financial crisis, as fewer FSA staff left to take industry positions. Departures peaked in the 2007-08 fiscal year at 355 and dropped to 181 in 2009-10.
The turnover figures come against a backdrop of uncertainty as the FSA prepares to be split into two separate "twin peaks" regulators.
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