Ex-FCA chief Wheatley paid £827k in final year

Martin-Wheatley-Ponder-700x450.jpgEx-FCA boss Martin Wheatley was paid £827,000 for the year ending 31 March 2016, including a £48,000 bonus.

According to the FCA’s annual statement, Wheatley’s basic salary for the 12-month period was £633,000 and other benefits totalled £89,000.

This includes a £36,123 allowance for the use of a driver and car until September 2015.

His total pay increased from £701,000 in 2014/15.

Wheatley resigned from the FCA and its board in July and September 2015 respectively, but continues to be employed by the regulator until 31 July 2016.

From 1 April to 31 July this year he will be paid £185,767, which includes a basic salary of £158,333, £13,184 in other benefits and £14,250 in 9 per cent non-pensionable contributions.

Tracey McDermott, who took over as acting chief executive after Wheatley resigned, was paid £570,000 for the year ending 31 March 2016.

McDermott received a basic salary of £376,000, a £75,000 bonus, and £74,000 in other benefits, which included £40,925 for the use of the car and driver from September 2015.

FCA chairman John Griffith-Jones received £192,000 in total remuneration from the FCA last year and was not paid a bonus.

Elsewhere in the report, the FCA wrote off £3.2m from the value of software licences it purchased in 2014 as a “constructive loss”. The licences were part of a one-year contract the regulator entered.

The annual report explains: “The FCA capitalised the remaining balance of £0.7m as an intangible asset, since at the time it believed it could realise value from on-selling some of the licences. This did not turn out to be the case and the assets have now been fully impaired in the year to 31 March 2016. The contract expired in May 2015 and has not been renewed.”

The report also reveals that advisers made the most whistleblowing disclosures when compared with other financial services sectors.

Advisers referred 170 whistleblowing cases to the regulator last year, ahead of second-ranked consumer credit firms which referred 145 cases and third-ranked retail banks which referred 114 cases.

In total the FCA received 104 whistleblowing cases which was down from 1340 the previous year.