FCA boss Andrew Bailey got a £75,000 bonus last year despite handling of RBS and Co-op scandals
Bonus row: Financial Conduct Authority boss Andrew bailey
The head of the City watchdog has handed a £75,000 bonus last year despite criticism over his handling of scandals at RBS and Co-op Bank.
Andrew Bailey, a front-runner to succeed Mark Carney as governor of the Bank of England, earned £589,000 in the 12 months to March 31, up from £449,000 for nine months’ work the previous year, having taken over as chief executive of the Financial Conduct Authority in 2016.
The 59-year-old married father of two saw his £440,000-a-year salary topped up with a bonus, pension payments and other benefits.
It was not an easy year – Bailey’s handling of the inquiry into the Global Restructuring Group at RBS, which mistreated small businesses, was called into question after a report was leaked.
And eyebrows were raised when former Co-op Bank boss Paul Flowers, the ‘Crystal Methodist, was banned from working in financial services four years after a sex and drugs scandal.