By Mark Kleinman, City Editor
Martin Wheatley, the boss of the new City conduct regulator, received a near six-figure bonus last year despite criticism of its handling of a string of mis-selling scandals.
Sky News can reveal that Mr Wheatley, chief executive of the Financial Conduct Authority (FCA) was paid an annual bonus of £86,000 in 2012-13, part of a total package worth more than £650,000.
The pay deal, which will be disclosed in the FCA's annual report due to be published on Wednesday, made Mr Wheatley one of the UK's best-paid public servants.
He is understood to have been paid a base salary of about £430,000 and received pension contributions and other benefits of approximately £150,000 on top of his annual bonus.
It is unclear whether the FCA annual report will detail the precise performance criteria on which Mr Wheatley's bonus was decided. If it does not, it will provoke accusations of hypocrisy given the scrutiny to which the watchdog subjects the pay plans of the firms it supervises.
The former head of the markets regulator in Hong Kong, Mr Wheatley was recruited back to London in 2011 while the Financial Services Authority was still in existence.
In March, the FSA was abolished under George Osborne's plans to overhaul City regulation and was replaced by the FCA and Prudential Regulation Authority, which has responsibility for the safety of the financial system.
Mr Wheatley has played a key role in changes to the operation of the scandal-hit Libor interbank borrowing rate. Sky News revealed on Tuesday that Libor's administration would be taken on by NYSE Euronext, owner of the New York Stock Exchange.
However, the FCA has faced criticism for not moving swiftly enough to force banks to pay compensation to victims of the interest rate swaps mis-selling scandal.
The FCA chief's base salary in 2012-13 was similar to his pay the previous year, when he also received a £29,000 bonus for seven months' work. His total package that year amounted to £399,657.
A source pointed out that Mr Wheatley's remuneration was significantly lower than that of Sir Hector Sants, the former FSA chief executive who now works in a highly-paid job at Barclays.
In a speech in London on Tuesday, Mr Wheatley said the FSA had been guilty of "implausible economic assessments" and a "flawed approach" to regulation.
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