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SFO chief: increase pay to help competition with other regulators
by Michelle McGagh on May 24, 2011 at 07:39
The head of the Serious Fraud Office (SFO) has called for salary increases of 50% to help the organisation compete with better-funded regulators for top class recruits.
Richard Alderman, director of the SFO, told the Financial Times: ‘I am concerned about the comparability of salaries for people who can move easily between the enforcers and the regulators, and there are different salary arrangements that cause me concern.
‘I do not want to see the very good people we have in this organisation disadvantaged.’
SFO staff are paid around half the salary of their counterparts in the Financial Services Authority (FSA), where staff are paid up to £140,000 a year. The FSA has 450 staff, compared to the SFO’s 300.
Alderman’s budget, which is paid for by the taxpayer, has been cut from £53 million in 2008 to £34 million this year.
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