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FCA chief Wheatley sees salary rise and scoops £610k pay

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FCA chief Wheatley sees salary rise and scoops £610k pay

Financial Conduct Authority (FCA) bosses Martin Wheatley and John Griffith-Jones have both received salary increases for 2014.

In the regulator’s annual report for 2013/2014 it was revealed that Griffith-Jones, the FCA chairman, and Wheatley, the FCA chief executive had seen their salary increased over the year.

Griffith-Jones will receive a basic salary of £170,000 for 2014, up from the £99,000 he received in 2013. His pension pay has also increased to £20,000 from the £12,000 in the previous year making his total pay package for 2014 £192,000, up on the £111,000 he received in 2013.

Wheatley’s basic salary also increased to £460,000 for 2014, from the £430,000 he received in 2013. His pension pay also increased to £41,000 from the £39,000 in 2013.

However, Wheatley has not received a bonus for 2014, despite receiving £86,000 for 2013, which has meant his total pay package decreased to £610,000, down from the £667,000 for 2013.

Griffith-Jones and Wheatley alongside FCA director of supervision Clive Adamson, FCA director of enforcement Tracey McDermott and FCA chief operating officer Lesley Titcomb did not receive a bonus for 2014 as they had deferred the payment until the investigation into its handling of its closed-book review has been published.

In June it was reported that the FCA executives had decided to defer their annual bonuses amid the ongoing probe into the press briefing of its closed book review which ended up wiping billions of pounds from the value of UK insurers.

The annual report said: ‘The remuneration committee has agreed, following representation by the chief executive, not to award bonuses for the year to 31 March 2014, pending the publication of the independent investigation into the handling of the FCA’s announcement of proposed supervisory work in the life insurance market.

‘Once the outcomes of the review are known, the remuneration committee will confirm whether the executive directors’ bonuses will be awarded and at what level.’

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