FSA sets aside millions for pay 'anomalies'

Although it has not allocated any funds for general pay increases - adding most staff will not receive a rise - the amount agreed by the Board runs into the tens of millions. In its business plan for 2010/11, published yesterday, the regulator says it will spend almost £350m on staff costs in the coming financial year after confirming it is hiring an extra 460 individuals to deliver its "intensive" supervisory approach. Staff costs will total £346.9m in the 12 months ending March 2011, 16% - or £47.7m - more than 2009/10. It will account for 73% of the FSA's gross costs. The regul...