In total, staff “annual incentive rewards” for 2009/10 amounted to £21,998,813 or 13.8% of the FSA’s total salary bill. This compares to £19.7m and 15% last year. Bonuses are made on a discretionary basis, the FSA said, to staff who are deemed to have met performance criteria set by managers.
The regulator added that members of staff did not receive any standard pay rise during 2009/10 and 91.4% of its 3150 employees did not have a salary increase in the pay review process.
Of the FSA board, outgoing chief executive Hector Sants, who will stand down this summer, received a “performance related” bonus of £108,000, which he has donated to charity. He also donated his £130,000 bonus from 2008/09 to charity.
Managing director of supervision Jon Pain and managing director of risk Sally Dewar, who announced last week she will leave the FSA in May 2011, were both awarded £85,000 bonuses.
