Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter