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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.    

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