Former bosses at the FSA get pay-offs totalling £800,000

PAYOFFS given to senior staff at the Financial Services Authority (FSA) were revealed in the former regulator’s final report yesterday.

Ex-chief executive Sir Hector Sants received £300,178 as he left, equal to more than 150 per cent of his £184,615 salary.

Chairman Lord Turner and former head also received £250,000 on leaving the defunct regulatory body, which was replaced by the new Prudential Regulation Authority and the Financial Conduct Authority.

Margaret Cole, who was the FSA’s last head of enforcement, resigned from the body in March 2012, but continued to be employed there for five months, during which time she received pay and benefits of another £250,000.

The FSA was disbanded following criticism over its actions during and prior to the financial crisis. It was set up in 2001, following complaints about the Bank of England’s regulatory capabilities.