New Model Adviser - For Professional Investors

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

FCA chief nets £449k pay package in first year

28 Comments
FCA chief nets £449k pay package in first year

Financial Conduct Authority (FCA) chief executive Andrew Bailey received a total remuneration package of £449,000 in his first year in the job.

According to the FCA's annual report for the year ending 31 March 2017, Bailey received a basic salary of £330,000, along with a performance-related bonus of £65,000, £30,000 in pension contributions and a further £24,000 in other benefits. 

The bonus has been split in two so that £26,000 was paid in March 2017, and the remaining £39,000 will be paid in March 2018 if the FCA's remuneration committee agrees Bailey should still receive this. 

This represents a marked decrease from that awarded to previous chief executive Martin Wheatley, whose pay package in 2016 included a basic salary of £633,000, a bonus of £48,000 and pension contributions of £57,000.

However, Wheatley's package in 2016 included salary he received while on gardening leave which was not included the previous year.His 2015 package was worth £701,000. 

Director of strategy and competition Christopher Woolard netted a total of £409,000 in the year to 31 March 2017, up from £286,000 the previous year. This comprised a £300,000 basic salary, £50,000 performance-related bonus, £30,000 pension and £29,000 benefits. 

Former acting chief executive Tracey McDermott, who left the FCA in July 2016, received £367,000 in total, consisting of a £284,000 salary, £11,000 performance-related pay, £35,000 pension and £37,000 benefits. 

Chairman John Griffith-Jones took home a total of £193,000.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Comment & analysis

Twitter