Regulatory fees paid to cover the costs of running the Financial Services Authority are set to drop an average of 1% for authorised firms over the 2004/5 year the organisation reports today in its annual review.
This is because the projected Annual Funding Requirement (AFR) is decreasing marginally to £213.3m from £214m the previous year. The regulator warns the average reduction in fees may not apply to all firms, because it will depend on the sort of business for which they are regulated. A portion of the AFR outlined in the report will go to covering the cost of employing a chief executive. John Tiner’s salary in the 2003/4 year was £310,971, not including a performance-related bonus of £52,000 or other “emoluments and benefits” worth £108,685, of which £47,741 was in the form of fundin...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
