Marvin OnumonuFCA staff are set to receive an average pay rise of 3.6% from April, slightly above the 3% Consumer Price Index inflation in January.
The rise was confirmed in January’s FCA board meeting, the minutes of which were released yesterday (13th March 2025).
The increase considered the upcoming rise in employers’ national insurance contributions from 13.8% to 15%, starting 6th April.
The FCA engaged with staff representatives and unions regarding the pay award.
According to board minutes, the FCA’s people committee approved the 2025 pay award, citing additional costs from increased national insurance as a factor.
Last year, the FCA saw an average salary increase of 4.8% to £71,290, following industrial action over low wages.
This included an 11.2% rise for employees aged 18 to 20.
Nikhil Rathi, CEO of FCA, received a 3.3% increase in total remuneration in 2023/24, with his basic salary rising by £15,000 to £470,000, and a total package of £531,000.
Sarah Pritchard was the highest-paid executive director with a total package of £370,000, a £10,000 increase from the prior year.
Other top executives, including Therese Chambers and Jessica Rusu, received packages ranging around £365,000.
The FCA chair, Ashley Alder, saw fees remain at £170,000, with non-executive directors receiving £35,000 plus an additional £10,000 for those chairing committees.
