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FCA’s Wheatley paid £827,000 in 2016 despite exit

  • 12/07/2016
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FCA’s Wheatley paid £827,000 in 2016 despite exit
Former head of the Financial Conduct Authority (FCA) Martin Wheatley, received remuneration of £827,000 in 2016, after resigning from the City regulator in July 2015.

The FCA’s annual report said that while Wheatley (pictured) stepped down from his role as chief executive at the FCA almost a year ago and from the board in September 2015, he will continue to be employed by the FCA until the end of July this year.

Wheatley’s basic salary amounted to £633,000 during the year ending 31 March, up from £460,000 a year earlier. His remuneration also included performance-related pay, which was almost halved to £48,000 from £92,000, as well as pension and other benefits.

Tracey McDermott, who stepped in for Wheatley before he was replaced on a permanent basis by Andrew Bailey, was paid a total of £570,000 for the year to the end of March. Chairman John Griffith-Jones and director of strategy and competition, Christopher Woolard, were paid £192,000 and £286,000, respectively.

The FCA’s annual report showed that the regulator turned around a £58.3m loss in 2015 to achieve a surplus of £3.8m during the 12 months to 31 March.

Income of £494.3m was generated by the FCA in the 2016 financial year, which was mostly made up of ongoing regulatory fees at £479m, but also accounted for a big increase in consumer credit fees which rose from £0.5m in 2015 to £10.4m a year later.

In terms of the regulatory landscape going forward, Griffith-Jones said the UK vote to leave the European Union had “significant implications”.

“Much financial regulation currently applicable in the UK derives from EU legislation. This regulation will remain applicable until any changes are made which will be a matter for government and parliament,” he added.

“The longer-term impact of the decision to leave the EU on the overall regulatory framework will depend in part on the relationship that the UK seeks with the EU in future. We will work closely with the government as it confirms those arrangements.”

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