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Hector Sants received £300k after FSA departure

Hector Sants received £300k after FSA departure

Former Financial Services Authority (FSA) chief executive Hector Sants received £300,000 after leaving the regulator as part of his contract, the annual report into the final year of the FSA has revealed.

Sants (pictured), who left the FSA in June last year, received £300,178 as part of his contractual entitlement, the regulator said. 'On leaving the FSA he continued to be employed by the FSA for a further six months during which he received his full pay and benefits and was unable to take paid employment in another organisation,' it said.

Former FSA chairman Adair Turner meanwhile received a £252,000 payment. He had been employed on a fixed-term contract ending on 19 September 2013 but left on 31 March. Former managing director Margaret Cole meanwhile received a £250,000 payment.

FCA chief executive Martin Wheatley received an £86,000 bonus on top on his £429,999 basic salary and £112,386 in other emoluments and benefits during 2012/13.

Total director pay across the FSA reached £2.4 million over 2012/13, up from £2 million the previous year.

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