Wednesday 9th March 2011
Figures released by the Financial Services Authority (FSA) reveal that the average salaries of its employees has risen 22 per cent over the past five years.
Since 2005/06 the average staff salary now stands at £51,232. The figures do not include data for the current fiscal year, but for the year that ended in March 2010 they were up 6 per cent from 2009.Senior management wages have risen 14 per cent since 2005/06, from £206,391 to £236,950 in 2009/10.Ray Cohen, Managing Director of Jackson Cohen, said: “I think they need more intrusive supervision to make sure more firms comply with the regulations although I think that banks and building societies are under a lot more supervision then previously.”The increase has been perceived as a move to enhance the quality and quantity of its supervisors and enforcers. The data does not include directors’ salaries.Ray Cohen said: “The enforcement division have taken on a lot of extra staff which is quite reasonable. They’ve earned their money and the fines will be used to reduce the fees, but perhaps the quality of the staff is not strong enough.”The enforcement division saw the largest jumps in salary, with average salaries up 26 per cent from 2005 to £53,207.Ray Cohen further commented: “The number of staff able to deal with complex authorisation applications isn’t enough, so I think they need to recruit more people of a high standard to deal with it.”The FSA decided to increase its workforce, in particular the number of staff assigned to supervision and risk, following the collapse of Northern Rock in 2007. There are currently 1,158 people employed within the supervision department and 391 in enforcement.The operations division, which includes IT and support, salaries rose a modest 3.5 per cent over the same period, which average £34,702.FSA chief executive Hector Sants told the Financial Times: “These figures reflect our tougher approach both to enforcement and supervision, which we have underpinned by bringing in more experienced people. It also reflects our success in controlling costs in the non-regulatory areas of the business.”The overall salary bill at the FSA also increased due to an influx of new recruits. There were 300 recruits in 2006/07 and 500 in the last fiscal year.
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