The move comes following pressure on financial institutions to severely reduce the bonuses they pay out. However, the FSA said the increase in the amount paid out was the result of an increase in the number of staff it employs, up by about 250 on last year. Plus it said it needed to pay out more in order to attract the best possible people to deal with the credit crunch.
The regulator’s 2,500 staff reportedly received an average payout of £7,915 - equating to around 15% of their salary. However, 174 staff earning more than £100,000 shared £3.9 million giving them an average of £22,485, with one individual taking home an extra £90,000.
Do you think the FSA can justify these bonuses? Let me know on [email protected].
