FSA paid three directors total of £800,000 to quit

Hector Sants

The Financial Services Authority paid three of its former directors a combined total of more than £800,000 after they quit the now defunct City regulator.

The last annual report by the FSA published on Wednesday shows that former chief executive Sir Hector Sants received £300,000 under the terms of his contract which prevented him working for six months after he left in June 2012. He joined Barclays in January as head of compliance, government and regulatory relations.

Lord Turner, the former chairman, received £252,000 after he left in March this year – when the FSA was broken up – as he will not be able to take a new job for six months. Turner also received a rise in his salary to £450,000 from £435,000 when he was promoted to executive chairman following Sants's resignation.

Margaret Cole, the former head of enforcement, received £251,000 after she resigned in March 2012. She has since joined PricewaterhouseCoopers.

In total Sants – who did not receive an annual bonus – received £530,000 and Turner £785,153.

Martin Wheatley, who runs the new Financial Conduct Authority which has taken on part of the former FSA's responsibility, received £667,085, including an £86,000 bonus.

The FSA annual report also provided details about the number of suspicious price movements on the stock market ahead of announcements by companies. Such activity – which can be used as an indicator of insider dealing – has fallen to its lowest level since 2003, 15% of which the regulator said was a sign that a crackdown on insider dealing was working. It had been around 21% previously.

"The fall took place in a year of weak takeover activity and against a backdrop of the FSA's continuing focus on market abuse and enforcement activity in this area," the FSA said.

The regulator said that there had been an increase in the number of defendants pleading guilty after being charged with insider dealing.

Powered by Guardian.co.ukThis article was written by Jill Treanor, for guardian.co.uk on Wednesday 10th July 2013 14.32 Europe/London

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image: © Barclays

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