Mortgage News
Three FOS bosses earn more than the PM
Three senior Financial Ombudsmen – including chief executive Natalie Ceeney – receive bigger annual pay packets than Prime Minister David Cameron, its figures reveal.
The PM earns £142,500 a year, according to Downing Street figures while senior ministers are paid £134,565.
However, the Financial Ombudsmen Service’s (FOS) Ceeney takes home £190,414 a year, almost £50,000 more than Cameron.
With her annual employer pension contribution of £28,392 and ‘other’ benefits of £5,790, her total pay is close to £225,000, according to the FOS’ figures.
Second in command Tony Boorman, principal ombudsman and decisions director at the FOS, earns £169,660 a year. This is about £25,000 – or the average yearly wage in the UK – more than the PM.
When Cameron took office last May, he cut the £150,000 Gordon Brown earned in the role as a belt-tightening gesture amid the creaking public finances.
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By comparison, an annual employer pension contribution of £19,456 and ‘other’ benefits of £25,581 increase Boorman’s pay to £214,697, a total of 19% higher than last year.
The last of the three who earn more than the PM is principal ombudsman David Thomas.
Thomas’ yearly salary is more than £10,000 higher than David Cameron’s, at £155,651. With his £19,456 pension and £4,770 sundries, Thomas’ pay rises to £179,877 although this is a cut of 7% on last year’s figure.
The FOS is paid for by levies and case fees which businesses covered by the ombudsman have to pay by law.