The FSA has paid out almost £20m in staff bonuses, an increase of more than 40% on last year, despite the banking crisis of the last year, The Daily Telegraph reports.
It paid out £19.7m in bonuses last month, compared with £13.9m the previous year, with one official receiving £90,000. The regulator, which is cracking down on bonus payments across the banks, defended the increase, saying it had about 250 extra staff in 2008 compared with 2007, according to the report. It said it had to pay more to attract and retain the highly-qualified people needed to improve regulation in the wake of the financial crisis. "To suggest that we should in effect cut this element of the FSA's total remuneration when we are being urged to upgrade our skills base makes ...
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
