The soon-to-be chief executive of the Financial Conduct Authority was paid £350,000 for his final year as head of the Prudential Regulation Authority.
Andrew Bailey, who was previously deputy governor of the Bank of England, was named new FCA chief in January, after months of uncertainty over the leadership of the conduct regulator.
He is set to take over from interim chief Tracey McDermott today (1 July).
According to the PRA’s latest annual report, Mr Bailey received a £350,000 pay packet for the 2015 to 2016 financial year, including a base salary of £268,000, on top of pension benefits amounting to £80,000.
According to FTAdviser’s parent publication the Financial Times, Mr Bailey will receive a pay increase from his PRA pay package to £460,000 at the FCA.
He has, however, been asked to delay any bonus.
His predecessor, Martin Wheatley, was paid £701,000 for his final year as FCA boss, with his basic salary amounting to £460,000.
He was also awarded a bonus of £92,000, benefits amounting to £108,000, as well as £41,000 towards a pension.
Mr Wheatley surrendered his bonus in 2014 after the closed-book blunder, a scandal which led the Treasury to refuse to renew his position on the FCA board.
katherine.denham@ft.com
