Ex-FCA chief exec Martin Wheatley nets £827k in final year

Total pay of £710k in previous financial year

Jenna Towler
clock • 1 min read

Martin Wheatley, the former chief executive of the Financial Conduct Authority (FCA), had a pay package of more than £800,000 in his final year at the regulator, its annual report reveals.

The report states his full remuneration hit £827,000 for the financial year ending 31 March 2016.

He had total pay of £701,000 in 2014/15 financial year and £610,000 in 2013/14.

The report said Wheatley (pictured) resigned from the FCA on 17 July 2015 and from the board on 13 September 2015. He will continue to be employed by the watchdog until 31 July this year in accordance with his contract, the FCA said.

His 2016 figures, it said, include a total contractual amount payable from 1 April to 31 July of £185,767 (£158,333 in basic salary, £13,184 in other benefits and £14,250 in a 9% non-pensionable contribution).

Wheatley's full-year equivalent salary increased from £460,000 to £475,000 per annum on 1 April 2015, it added.

His ‘other benefits' include £36,123 (2014: £69,866) for the provision of a car and driver until September 2015 in his role as CEO. 

Tracey McDermott took over as acting head of the FCA when Martin Wheatley was ousted in July of 2015.

McDermott, formerly director of supervision, saw her salary increase by £130,000 to £430,000 when she took up the role last year.

The annual report said her full-year equivalent salary increased from £300,000 to £430,000 per annum on 1 September 2015 for a period of 12 months. Her total remuneration in 2016 was £570,000 up from £475,000 in 2015, this includes pension contributions and performance-related pay.

McDermott herself was replaced by the Bank of England's Andrew Bailey on 30 June.

Christopher Woolard, director of strategy and competition, was appointed to the board on 1 August last year. The report said his equivalent salary is £300,000 per annum.

More on Regulation

IPT receipts hit £1.2bn in November

IPT receipts hit £1.2bn in November

£6.65bn for the year

Cameron Roberts
clock 20 December 2024 • 2 min read
Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock 17 December 2024 • 2 min read
FCA releases best practices for Consumer Duty board reports

FCA releases best practices for Consumer Duty board reports

Focus on data quality

Cameron Roberts
clock 12 December 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read