Having taken on the role of chief executive in July last year, Bailey earned a basic £330,000 over the time period, before receiving a £65,000 performance related bonus, £24,000 in other benefits and a £30,000 pension contribution. His full year annual salary will total £440,000.
Meanwhile Tracey McDermott, who acted as chief executive of the regulator between September 2015 to the end of June 2016, saw a reduction in her pay having stepped back to the role of executive director.
Compared with the total renumeration of £570,000 which she earned for the year ended 31 March 2016, her total 2017 dropped to £367,000.
According to the FCA, McDermott’s full-year equivalent salary increased from £300,000 to £430,000 per year on 1 September 2015 for a period of 12 months.This decreased to £300,000 in September 2016, whilst she remained on contract with the FCA until 31 December 2016.
While FCA chairman John Griffith-Jones saw no change in his £192,000 annual salary, his total renumeration for 2017 rose slightly to £193,000, owing to a £1,000 rise in other benefits.
During the period under review, from 1 April 2016 to 31 March 2017, the executive board members and senior executives were eligible to be considered for a performance-related award up to a maximum of 35% of average base salary applying during the previous year.
According to the report and accounts, some 41% of the workforce received a bonus percentage between 10-14.9%, while just 7% got zero bonus. At the top end, just 1% proved eligible for a bonus between 30-34.9%.
