Incoming Financial Conduct Authority (FCA) chief executive Andrew Bailey received a pay package of £350,000 in his final year as chief executive of the Prudential Regulation Authority (PRA).
Bailey (pictured) will take over as FCA chief executive in July.
The PRA’s annual report released today shows Bailey was paid a total of £350,000 in 2015/16. This included of a base salary of £268,000 and £80,000 in pension benefits.
The pay package, which covered the year ending 31 March 2016, was a slight increase on the previous year when Bailey received £347,000.
However, it is half the salary former FCA chief executive Martin Wheatley received in his last full year in the job.
Wheatley, who left the FCA last July, received a £701,000 pay package for the year ending 31 March 2015. He received a salary of £460,000, benefits of £108,000 and pension contributions of £41,000.
Bailey will take over from acting chief executive Tracey McDermott, who will spend six months on gardening leave once she steps down.
McDermott currently sits on the PRA’s board, while Bailey also holds a seat on the FCA’s board.
The FCA declined to comment on Bailey’s future salary.