FSA freezes staff pay for second year

The FSA has told staff that they will not be getting a pay rise for the second year in a row.

An email sent to regulator staff today says: “Last year, as you know, the vast majority of staff did not receive pay rises for 2010.

“We have announced today that again there will be no across the board pay rises for this year.”

This time last year Hector Sants, the chief executive of the FSA, emailed all staff to say the regulator had not put aside funds for pay increases for 2010.

He added that the FSA’s bonus pot for 2010 would be the same level as 2009 at 15% of the total salary pot. (article continues below)

A spokeswoman for the FSA says the 2011 bonus policy is in line with this.

She adds: “Any bonus payments that will be made will be performance related.”