Bank watchdog ‘failures’ pocket £20m in bonuses

STAFF at the Financial Services Authority (FSA) who presided over the near failure of the banking system were last month awarded bonuses of £19.7m – a 40% increase on the previous year.

Ofcom, the communications regulator, paid its 800 staff a bonus worth an average of £2,437, with one employee receiving £56,400.

The average bonus awarded to staff at the water regulator Ofwat this year was £285.

Despite soaring prices of electricity and gas bills, Ofgem, the energy regulator, awarded its 10 highest-paid officials a bonus of £15,000.