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While many in political circles were surprised that Gordon Brown brought back his archenemy Peter Mandelson to the government there has been little in the way of controversy before today. However,...
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Sunday 6th July 2008
In a move which some have suggested is a reward for failure, the most senior official from the FSA to lose his post in light of errors in the handling of Northern Rock has been rewarded with a £612,000 golden exit package and a £30,000 performance related bonus.
Clive Briault was head of the FSA’s retail division at the time of the Northern Rock fiasco and seems to have taken the brunt of the blame for the saga. However, many people are concerned that he has walked away with a package which included over £200,000 in compensation for loss of office, a £36,000 pension fund top-up and £17,500 for external professional fees. A quick step back in time will show that the FSA has been one of the leading critics of the City when it comes to rewarding top executives.
All in all the Northern Rock saga has been a nightmare from start to finish for the FSA and the news of Clive Briault’s pay-off is very much the icing on the cake. Quite how they can justify the figure in question is puzzling observers, although the fact that this is the association in charge of overseeing the financial services industry has annoyed even more. |
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