The FCA has revealed that former chief executive Martin Wheatley’s total pay packet for 2015 and 2016 was a combined £1.5million.

The overall figure for the former head of the regulator for 2016 was £827,000. The FCA annual report showed that Mr Wheatley was contractually entitled to be employed until 31 July this year.

Mr Wheatley resigned from the FCA on 17 July 2015 and from the board on 13 September 2015.

Tracey McDermott, who took over from him as acting chief executive, until the end of last month, had a total pay packet of £570,000 for 2016.

Mr Wheatley's pay included £185,767 from 1 April to 31 July this year, comprising £158,333 in basic salary, £13,184 in other benefits and £14,250 in 9% non-pensionable contributions.

His full-year equivalent salary increased from £460,000 to £475,000 per annum on 1 April 2015.

The other benefits included £36,123 for benefit-in-kind for the provision of a car and driver until September 2015.

Mr Wheatley was not a member of the FCA Pension Plan and received a 9% non-pensionable supplement in lieu of pension contributions. This amount is included under ‘pension’ in the table above.

Ms McDermott was appointed acting chief executive on 13 September 2015 until 30 June when Andrew Bailey took up the role. Her full-year equivalent salary increased from £300,000 to £430,000 per annum on 1 September 2015 for a period of 12 months.

Her performance-related pay was £65,000 for 2015 and £45,000 for 2014, with both amounts paid in the year ending 31 March 2015.

Mr Wheatley was the highest-paid director in the financial year to 31 March 2016 - at £598,175.

This was 9.2 times the median remuneration of the total workforce which was £64,897.

That compared to 10.5 times the median remuneration of the total workforce in 2015, when it was £62,616.