Hector Sants, chief executive of the FSA, received a performance-related bonus of £114,000 despite major failings at the regulator.
The FSA’s annual report also says the UK financial services sector has to make major changes to its pricing of risk and the rating of assets. The report revealed full details of the pay deals for top executives at the FSA, and Sants received a total remuneration package of £661,948. The pay deal is made up of a salary of £417,179, benefits worth £130,769 and a performance-related bonus of £114,000. However, the regulator has received considerable criticism over its handling of Northern Rock, and many firms that pay levies to the regulator were disappointed that the cost of performance-...
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