Monday, June 1, 2009

Is today 1st April rather than 1st June?

FSA staff paid £20m in bonuses

The FSA paid its staff £19.7m in bonuses last month, a 40 per cent increase on last year’s payouts, according to figures obtained by the Liberal Democrats. A Freedom of Information request revealed that £4m went to executives earning over £100,000 and one employee received a bonus of £90,000. The average bonus paid to regulator executives was £19,100, while the average for other staff was £4,107. Liberal Democrat shadow culture, media and sport secretary Don Foster says: “The size of some of these pay outs would be hard to justify at the best of times, but it looks especially bad in the current economic climate. “Regulators must now follow the lead of those in the rest of the public sector who have promised to freeze executive pay.”

Posted by jack c @ 07:45 PM (961 views)
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8 thoughts on “Is today 1st April rather than 1st June?

  • It’s got to be April fool’s day !

    http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=187453&d=340&h=341&f=342

    Many MPs forced to resign after being embroiled in the ongoing expenses scandal will walk away with million pound taxpayer-funded pensions, according to reports.

    According to The Sunday Times, Tory MP Andrew MacKay, who was forced to step down along with his wife Julie Kirkbride, is set for a commons pension worth £1.4m.
    Douglas Hogg, the Tory MP who claimed to have his moat cleaned on expenses, is in line for a £1.25m pension after 30 years in office.

    Anthony Steen has the equivalent of a £1.2m pension pot according to the paper and Treasury select committee member Peter Viggers, who claimed for a duck house for his pond, is sitting on a £1.1m pot.

    Labour MPs such as Elliot Morley, who claimed for a mortgage that had already been paid off, will also do well. The Sunday Times reports Morley’s pension pot to be worth £949,400.

    Meanwhile Margaret Moran, who famously claimed to treat dry rot at her Southampton home despite being MP for Luton, can expect a pension worth £551,623 after 13 years in the job.

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  • I remember reading this article last year about a suggestion that doctors should receive bonuses.

    http://www.telegraph.co.uk/news/yourview/2435620/Should-doctors-be-paid-bonuses-for-saving-lives.html

    Like most people who read it must have been, I was horrified, but felt that this had to be the end of the line for the seemingly ubiquitous bonus culture that has sprung up during the last decade. My theory is that bonuses are suggested and instigated by administrators who can then claim similar rewards for themselves. This way it’s grown first through the financial sector and then into the public sector – everyone, who is in a position to, grabbing a piece of the action. But not doctors for f&%k sake. They work because they care about what they are doing, and they’ve had a 50% increase in salary during the past three years – and had their working hours reduced.

    You know what’s coming don’t you?

    http://www.telegraph.co.uk/health/healthnews/5220901/Doctors-given-bonuses-of-up-to-75000.html

    Bonuses for salesmen, yes. For anyone else, no. Someone has to jump in and stop this.

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  • FSA executives deserve these bonuses for correctly identifying the risks inherent in the Northern Rock and HBOS business models as far back as 2004……but then they should return the bonuses, and then some, for doing f*** all about it.

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  • These are the people who have been regulating our financial services industry. And they are receiving bonuses?

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  • Beartil2010 says:

    If regulating means getting paid lots for pointing out that other people’s business models are rubbish, and then doing nothing to stop it, then I’m in!

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  • So like Non-execs the FSA staff had a vested interest in keeping up the bonus culture in the city – they then need to be competative to attract “talent”.

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  • How the hell can they justify giving bonuses to the public sector in the first place, let alone one that is so inefficient and incompetent that its presence has no positive effect on the financial services industry.

    Another public sector quango wasting valuable tax payers money – they should pay it back … al;l public sector bonuses should be independently agreed by an elected panel of private and public sector representatives from varyiong walks of life …

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  • Hats off to them, I say.

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