Advisers challenge FCA on chairman’s £30k expenses bill

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Advisers have questioned John Griffith-Jones’ expenses bill after figures revealed the FCA chairman is on track to claim the largest total since the regulator was created.

Griffith-Jones has racked up a mammoth £29,738.69 in expenses after just three quarters of the year.

His total for the nine months starting April 2015 is exceeded only by former chief executive Martin Wheatley’s bill for all of 2014/15, which saw the ex-boss claim £33,017.59 for a full 12 months.

The chairman’s bill is led by costs for foreign travel, which totals £25,000 for the year-to-date.

Aurora Financial Planning chartered financial planner Aj Somal says advisers need more information on how the regulator is monitoring expenses.

He says: “We need to be able to see the controls and checks, and I would certainly like to see more evidence on how exactly that money is being spent.

“We should be made aware of the details of all the costs involved because, at the end of the day, we are paying for them.”

Combined Financial Strategies Jonathon McColgan adds: “If he is traveling to the EU to talk about Mifid II then that’s probably fair enough.

“But if he is going to places like Australia and the US to talk about what regulation really means then maybe that time and money could be better spend on understanding the advice market in the UK.”

But Investment Quorum chief executive Lee Robertson argues: “If we were to break down everything he had done in terms of expenses, it would probably be reasonable.”