FSA sets aside millions for pay 'anomalies'

Scott Sinclair
clock

The FSA Board has sanctioned a budget of 1.5% of the regulator's total salary bill to cover any pay "anomalies" in the coming financial year.

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Carla Brown: PFS will reassert itself as voice of the profession in 2026

Carla Brown: PFS will reassert itself as voice of the profession in 2026

PFS president and chair on building trust

Carla Brown
clock 16 June 2026 • 4 min read
Advisers need 'robust' scam protections as investment fraud losses hit £221m

Advisers need 'robust' scam protections as investment fraud losses hit £221m

Investment fraud up 40% year-on-year

Sophia Panayi
clock 15 June 2026 • 2 min read
News editor's view: Why advisers should pay attention to student loans

News editor's view: Why advisers should pay attention to student loans

The news editor's Friday Night Takeaway from 12 June

Isabel Baxter
clock 12 June 2026 • 4 min read