FSA redundancy bill hit £1.4m in last three years

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The Financial Services Authority paid over £1.4m in redundancy payments and dismissed 11 employees over poor performance in the three years before it was scrapped.

The FSA was replaced by the Financial Conduct Authority and the Prudential Regulation Authority in April.

A freedom of information request has revealed in the three years leading up to the changeover, the FSA made 30 staff members redundant paying out a total of £1,476,898 in redundancy payouts, or an average of around £49,000 per employee.

In 2012/13 the regulator made 14 people redundant with 16 people made redundant in the previous two years. The FCA has not provided the exact number for 2011/12 and 2010/11 to avoid individual former staff members being identified.

The FCA did not provide a breakdown of individual payments made by the FSA, but instead provided details on the total amounts paid out to different levels of staff.

Managers made redundant by the regulator received a total of £256,935 while directors were paid a total of £255,000.

Heads of departments got a total of £181,235, technical specialists were paid £36,839 and administrators and associates received £749,889.