FSA chief left with £612,000 plus bonus

Source: Exec Digital UK

Date :01/07/2008 09:10:27

Clive Briault, the most senior official to be ousted from the Financial Services Authority in the wake of the Northern Rock disaster walked away with a £612,000 farewell package and a performance-related bonus of £30,000.

Briault, who was head of the retail division, left by mutual consent just after the FSA admitted to a string of errors in its supervision of the mortgage bank in April.

He received £356,000 in respect of salary and bonus, £202,500 in compensation for loss of office, a £36,000 pension top-up and £17,500 for external professional fees, according to the FSA's annual report.

For his services during the year to March 31, he was paid £300,000, perks of £25,000 and the performance-related bonus.

The FSA, which is largely funded by £300million of fees levied on financial services groups of all kinds, has been accused of rewarding failure. It has admitted numerous failings in its supervision of Northern Rock, repeatedly ignoring warning signs and an alert from the Bank of England.