FCA directors not paid bonuses as remuneration falls

The FCA has not paid any bonuses to its board for 2013/14 as overall remuneration at the regulator falls.

Chief executive Martin Wheatley was again the highest paid director of the FCA, but his total remuneration, including basic salary, other benefits and pension contributions, has fallen by 9% to £610,000.

This was largely due to Wheatley not receiving a bonus for the year after taking home a bonus of £86,000 in 2013.

The other executive directors and the chairman, who were also eligible for bonuses of up to 35% of basic pay, did not receive a bonus either.

The FCA has previously said that directors have chosen to defer all bonuses until after the investigation into a briefing by the regulator that wiped billions of pounds from the value of UK life insurers.

FCA chairman John Griffith-Jones did, however, see his total remuneration increase by 73% (see table, below).

Across the whole of the regulator the average remuneration for an employee (excluding pension contributions) has fallen to £62,616 from £64,301.

Amid fears that the FCA has been losing key talent to industry, however, the regulator has increased annual holiday allowances for all staff.