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Topics: FSA| redundancies
The FSA has paid £881,738 in redundancy and severance compensation to senior executives and directors since July 2007, although none have been dismissed grounds of capability or conduct.
The revelation came in response to a written parliamentary question to the Treasury from Conservative MP Richard Fuller, which was referred to the FSA.
Hector Sants, chief executive of the FSA, said: "Our records show that £881,738 has been paid in total as redundancy or other severance compensation to senior executives and directors of the FSA since July 2007.
"We are not able to provide individual amounts as this would constitute personal data of the individuals."
As well as details about redundancy payments, Fuller also asked for the number of senior executives at the FSA who have been dismissed on grounds of capability or conduct since July 2007.
Sants replied: "No senior executives have been dismissed on the grounds of capability or conduct from 2007 to date.
"By this, we mean termination of contract of employment for either a reason relating to the capability or qualifications of the employee or a reason relating to conduct."
Earlier this year, it was revealed the FSA's frontline staff have enjoyed average salary rises of 22% in the past five years as a result of the expansion of the supervision and enforcement divisions.
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Redundancy
Of course nobody has been sacked through lack of capability etc.otherwise the FSA would have to admit they got something wrong. We cant have that can we, because they never get anything wrong.
Posted by: terry
"rights of individuals"
"We are not able to provide individual amounts as this would constitute personal data of the individuals." Hide behind rules and regulation eh???? Lets think about this; prisioners should be able to have their "human rights"! The U.K will jump in and defend the inhabitants of any "opressed" citizens of a foreign (oil bearing) land, M.P.s can use "parlimentry privalage" to avoid answering to the law, diplomates could claim "diplomatic immunity" FSA can use "regulatees" funds as they please (see nice Art Collection). IFAs that have an exemplary 30 year track record have to pass more exams or go bust. No human rights or any sort of justice there then!
Posted by: David
FSA - redundancy payments
Less than a £million - I thought it would be much more. Still, you can bet that when the FSA is disbanded and the new acronym for this useless bunch of quangocrats is in force, many more £millions will have been paid. This despite the fact that most of the redundant FSA staff will be automatically offered jobs within the new quango - with higher pay, improved pensions, uplifted expenses, higher bonuses and more power. Redundancy payments are just another bit of icing on the cake for those lucky enough to be employed by this monstrous organization. Have you seen the latest story about redundancy for the Olympic Games quangocrats ? More of the same........
Posted by: Bill Wells
FSA redundancy payments
I complained to FSA about RBS, where RBS failed to act under FSA guidelines with complaints. FSA confirmed in writing " they would not dela with the issue". Natalie Ceeney confirmed " it is not within her scope of power". Simialrly when Nationwide refused me access to £ 2,000 of my own money - when I produced my cheque book and passport - Nationwide employees refused me " instant access " to my account - then she terminated my plastic card - ensuring I could not withh draw money ( except a n emergency amount of £ 500 which is at the control of the bank teller - Perth employee cackled and laughed as she rolled about on her stool when she refused me my cash i.e £ 500 ). Graeme Beale Nationwide CEO refuses to reply or respond. FSA refuses to deal with the issue claiming " it is not within his remit". Natalie Ceeney refuses to deal with the issue because " it is not within her remit ".
Posted by: Ian Lees
SIMILARITIES
Anyway, if Sepp Blatter gets the heave-ho from FIFA he could always work for the FSA as they appear to be very similar....
Posted by: Keith Jayne
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