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

Total pay of £710k in previous financial year

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

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.

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