Wednesday 2nd June 2010

Shocking - Circa 200 FSA staff earn more than the Prime Minister

http://www.cherryplc.co.uk/uploads/DOCS/Freedom_of_Information_Right_to_know_request_1285.pdf

Circa 200 FSA employees earn more than the Prime Minister!
PLUS Vince Cable's thoughts on FSA bonuses

At a time when David Cameron is making public, details of high earnings of civil servants, may we please draw attention to the following earnings of FSA (Financial Services Authority) employees and suggest that these too be published?

The above link relates to a freedom of information request made in Jan 2010 and this states that there are: 198 FSA employees currently earning £100k - £199,999 11 earning £200k - £299,999 4 earning more than £300k!

According to the FSA website, they employ some 3,300 staff hence one may deduce that the average salary package amounts to around £92,848 based on the total staffing costs - albeit that this appears to be a top heavy figure based on the above disclosure.

Also, on a related subject - namely the bonuses received by FSA staff..... the then Liberal Democrat Shadow Chancellor, Vince Cable, made the point very diplomatically that the FSA's performance simply does not merit a bonus. What makes the senior staff at the FSA think that a bonus comes before the performance it is supposed to reward? This is a typical example of the perverse way that the FSA operates. Commenting on reports that the FSA is paying its staff £33m in bonuses and pay top-ups, Mr Cable also said: "This is utterly ridiculous. The bonus culture is completely out of control. If anyone needs to be setting an example in relation to bonus payments, it's Government departments and the FSA. "The Government should step in immediately and stop bonuses being paid. It's not as if the FSA has a stellar record in doing its job regulating the city and the banks."

So may we PLEASE now see some action?

ENDS

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