FCA chair’s record annual expenses bill hits over £40k

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FCA chairman John Griffith-Jones has surpassed the regulator’s executive expenses bill racking up more than £41,000 over 12 months.

The regulator revealed Griffith-Jones filed expenses of £41,132.75 in the 12 months ending in March through updated figures for allowances and expenses claimed by its chairman and executive board members.

Griffith-Jones racked up expenses of £7,260.91 in the first quarter of 2015/16, £13,489.61 in Q2, £8,988.17 in Q3 and £11,394.06 in Q4.

Former FCA chief executive Martin Wheatley’s annual bill for 2014/15 was previously the largest – the ex-boss claimed £33,017.59 for the 12 months.

Across 2015/16, Griffith-Jones spent £34,652.04 on foreign travel and £3,547.94 on accommodation and subsistence while travelling overseas.

Domestic travel costs reached £2,085.84 for the year and domestic accommodation and subsistence spend was £846.93.

Griffith-Jones did not accumulate any costs for entertaining and working lunches over the period.

Interim chief executive Tracey McDermott, who took over from Wheatley in September, incurred comparatively modest expenses of £6,367.73 in 2015/16.

Strategy and competition director Christopher Woolard, who joined the FCA board last August, spent £13,959.32 in allowances and expenses across the 12 months.