FCA chairman clocks up £29k in expenses

FCA chairman clocks up £29k in expenses

FCA chairman John Griffith-Jones filed expenses of £29,738.69 for the period between April and December last year, according to figures published yesterday (11 February) by the regulator.

Foreign travel accounted for the largest tranche of his expenses during the period at £25,406.63.

This included £11,836.57 spent between July and September, and £8,645.73 spent between October and December.

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From April, when his expenses began, to June, Mr Griffith-Jones spent £4,924.33 on foreign travel.

Hotel and food bills for the overseas trips accounted for £2,296.91.

The FCA said overseas travel would have included trips to attend meetings of the Financial Stability Board, which are held in various locations, as well as trips to attend European Union meetings in places such as Brussels.

His expenses compare with those of former FCA chief executive Martin Wheatley, who racked up £33,017.59 over 12 months from 2014 to 2015.

This was the highest annual expenses bill since the FCA was launched in 2013.

Mr Griffith-Jones became chairman of the new FCA in April 2013, and chairman of its subsidiary, the Payments System Regulator, in April 2014.

He worked at KPMG from 1975 to 2012, spending 11 years in audit and 15 years in corporate finance before becoming chief executive of KPMG’s UK firm and subsequently chairman and senior partner for the UK in 2006.

He became joint chairman of KPMG Europe in 2007.

Acting chief executive Tracey McDermott, who took over following Mr Wheatley’s departure last summer, has recorded £5,539 in expenses claims for the year to date.

FCA strategy and competition director Chris Woolard, who joined the regulator’s board following Mr Wheatley’s exit, has claimed £7,712, mainly in the final three months of 2015.

Andrew Nevett, managing director and financial planner at Freedom Financial Planning, said: “Would the FCA allow us to have foreign travel trips that count towards our continued professional development?

“Nice work if you can get it.”