FSA salaries increase by 22% in five years

Average salaries for employees at the Financial Services Authority (FSA) have risen by 22% in the past five years.

Figures from the FSA show employees at head of department level and below, including managers, advisors and administrators, received an average salary of £51,232 in 2010, up from £41,975 in 2005.

The largest increase for this employee group was in the enforcement and financial crime unit, who saw a 26% salary increase to £53,207 in 2010.

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The figures show average salaries for senior management, including the chairman, chief executive and directors, have increased by 15% from £206,391 to £236,950 in 2010.

Speaking to the Financial Times, Hector Sants, chief executive of the FSA, said: “These figures reflect our tougher approach both to enforcement and supervision, which we have underpinned by bringing in more experienced people.

“It also reflects our success in controlling costs in the non-regulatory areas of the business.”

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