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Sants drops bonus payout

FINANCIAL Services Authority (FSA) chief executive Hector Sants has turned down his &pound;130,000 bonus for the last year, sending a message that the regulator is leading by example.<br /><br />&ldquo;In view of the wider public debate relating to levels of bonuses payable in the financial services industry and the role of the FSA in seeking to reach conclusions on its regulatory approach to the issue, Sants has declined to accept the award,&rdquo; the regulator said in its annual report, released yesterday.<br /><br />The news came a day after an investor revolt forced Marks &amp; Spencer boss Sir Stuart Rose to give back &pound;1.16m worth of shares, and follows shareholder protests against &ldquo;rewards for failure&rdquo; at many FTSE 100 companies.<br /><br />Sants took home an annual salary of &pound;623,170, slightly down from the previous year, while new chairman Adair Turner was paid &pound;250,546 for his first six months in the role.<br /><br />In total, the FSA gave out nearly &pound;20m in incentive payments, which it said was appropriate given the &ldquo;very significant efforts made by FSA employees&rdquo;.<br /><br />The FSA&rsquo;s enforcement division completed 302 investigations, and levied &pound;27.3m in financial penalties, up from &pound;4.4m in the previous year.