FSA: City regulator pays £20m in bonuses
The Financial Services Authority (FSA) paid out nearly £20 million in bonuses to its staff last year despite admitting to failings in the wake of the banking crisis.
The City regulator revealed in its annual report today that “incentive payments” to staff totalled £19.7 million — 14 per cent of its total salary bill.
Hector Sants, the chief executive of the FSA, defended the payments saying: “Particularly in a not-for-profit organisation … it is essential to have a mechanism for encouraging …
The Financial Services Authority (FSA) paid out nearly £20 million in bonuses to its staff last year despite admitting to failings in the wake of the banking crisis.
The City regulator revealed in its annual report today that “incentive payments” to staff totalled £19.7 million — 14 per cent of its total salary bill.
Hector Sants, the chief executive of the FSA, defended the payments saying: “Particularly in a not-for-profit organisation … it is essential to have a mechanism for encouraging individuals to contribute at the highest level.”
