A bit of a pay war kicked off this week between the Serious Fraud Office (SFO) and the FSA. The head of the SFO wants to raise his staff's salaries by 50% to put them on a par with their equivalents at the FSA.
Staff at the FSA can earn as much as £140,000 a year while SFO staff are looking at half this level, prompting fears of a skills drain to Canary Wharf. The FSA’s enforcement division alone has a budget of £68m and about 450 staff, compared with the SFO’s total staffing of 300. Director of the SFO Richard Alderman said: “I am concerned about the comparability of salaries for people who can move easily between the enforcers and the regulators. I do not want to see the very good people we have in this organisation disadvantaged.” The debate angered many advisers on our sister site IFAonl...
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