Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FCA boss Wheatley's pay drops 10% to £610k on insurance bungle

FCA boss Wheatley's pay drops 10% to £610k on insurance bungle

Financial Conduct Authority (FCA) chief executive Martin Wheatley banked £610,000 in the year to the end of March, down almost 10% from £667,000 in the year before after forgoing his bonus.

The regulator last month took the decision not to pay bonuses to Wheatley and eight other members of its executive committee after the bungled announcement of an insurance sales review.

A story leaked by the FCA to the Telegraph in March reported that it was intending to review the ongoing-management of insurance products sold from the mid-1970s.

The story immediately wiped £3 billion off the value of the sector, with the FCA not formally clarifying the more limited terms of the investigation until 14 hours after it appeared on the website.

Wheatley's pay package included benefits in kind and pension contributions, with his basic salary rising £30,000 to £460,000. The median FCA salary fell slightly this year, from £64,301 to £62,616.    

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter