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FCA chief Wheatley paid £610k in 2013-2014

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10/07/2014
Financial Conduct Authority (FCA) chief executive Martin Wheatley was paid a total of £610,000 in the year to 31 March, with a basic salary of £460,000, figures published today show.

Wheatley’s total remuneration, which includes salary, benefits and pension, was lower than the £667,000 he received in the previous year.

The other FCA executive directors – Clive Adamson, Tracey McDermott and Lesley Titcomb – were paid £364,000, £329,000 and £315,000 respectively.

As well as a £460,000 basic salary, up on the £430,000 he picked up in 2012-2013, Wheatley’s total remuneration comprised £109,000 in benefits and £41,000 towards his pension. Wheatley is not a member of the FCA’s pension plan, and received this amount as a non-pensionable supplement.

The figures appear in the FCA’s annual report for 2013-2014.

The report confirms the regulator’s remuneration committee agreed not to award bonuses for the year to 31 March 2014, pending the publication of an independent investigation into the handling of the FCA’s announcement of proposed supervisory work in the life insurance market. They may be reinstated, however, pending the outcome of the investigation.

Treasury Committee chairman Andrew Tyrie said the regulator may have made an “extraordinary blunder” over its handling of the affair.

 

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