Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

BonusesLatest NewsExecutive payPay & benefitsPerformance-related pay

40% bonus rise for FSA executives despite banking collapse

by Kat Baker 1 Jun 2009
by Kat Baker 1 Jun 2009

Staff at the Financial Services Authority (FSA), which admitted failing in its duty to regulate the banking system, have received a 40% increase in their bonuses.

A freedom of information request revealed that the bonuses, paid out last month, amount to £19.7m – a 40% rise on payments made last year.

One FSA official was paid £90,000 and 10 staff received awards of £50,000 or more. The 2,500 staff at the watchdog were paid bonuses averaging nearly £8,000.

At the authority 174 staff were shown to receive six-figure salaries, and on average these executives received bonuses of £22,485. Only three received no bonus at all.

Don Foster, the Liberal Democrat MP who requested the information, said: “Given the crisis we have seen in the financial services industry, I find it utterly bizarre that the FSA is actually paying bonuses to anyone this year.

“Bonuses should only be paid when someone has performed beyond the call of duty. Many people are concerned that the FSA has failed to perform the basic functions it should have done.”

John Thurso, a member of the Treasury select committee, added: “If they have brought in better people and they are doing a good job then that would be reasonable.

“At a time when pay restraint is being urged, it sends a dubious message unless the FSA can demonstrate that bonuses are fully merited and fully justified.”

A spokesman for the FSA said: “It is generally acknowledged that the FSA needs to attract and retain high-quality staff to deliver better regulation.

“In that context, we need an overall compensation policy that is credible and fair. Any such structure must have a variable element so that we can recognise individual performance appropriately.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“To suggest that we should, in effect, cut this element of the FSA’s total remuneration when we are being urged to upgrade our skills base makes no sense.”

The FSA is due to implement a new code of conduct for the banking industry in the autumn.

Kat Baker

previous post
Mandelson to discuss Vauxhall’s future with new owners Magna
next post
Tap into skills surplus to survive recession

You may also like

Warning issued over loss of ‘frictionless’ business travel...

29 May 2025

Streeting appeals to resident doctors to vote against...

29 May 2025

Recruitment outlook improves, despite employment law fears

29 May 2025

HMRC releases research on removing salary sacrifice tax...

28 May 2025

Call-handler sues Met Police over reinstatement of offensive...

28 May 2025

WFH for important meeting was acceptable, tribunal rules

28 May 2025

KFC to create over 7,000 jobs

28 May 2025

Consulting giant McKinsey cuts headcount by 10%

28 May 2025

Scrapping Level 7 apprenticeship funding is a ‘major...

27 May 2025

Higher-level apprenticeship funding to be limited to under-22s

27 May 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+