Former FSA chief executive Hector Sants
The final annual report of the Financial Services Authority has revealed salaries paid to the top FSA directors.
It covers the 12 months to 31 March 2013, before the Financial Conduct Authority and Prudential Regulation Authority took over on 1 April 2013.
FSA Chairman Adair Turner received £785,153 in 2013, up from £500,474 in 2012 due to his promotion to executive chairman. This included a salary of £446,2250 and pension of £53,550.
Hector Sants, who left the FSA in June 2012, received total pay of £530,441 in 2013, down from £835,731 in 2012. His salary was £184,615 while contractual entitlements were £300,178 and pension was £15,000. The FSA said that he continued to receive full pay and benefits by the FSA for a further six months after his departure.
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Martin Wheatley, who is now chief executive of the FCA, received £667,085 including a salary of £429,999. This is more than double that of Mr Sants. He was also the only director of staff to receive a performance-related bonus of £86,000.
The highest-paid non-executive director was John Griffith-Jones who received £111,259 including £99,167 salary. He was the only non-executive director to receive a pension. This higher pay reflected his role as chairman designate of the FCA.
The average fee for non-executive director is £35,000 per annum which is set by an independent panel.
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