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FCA_logoIt emerged today that the Financial Services Authority has paid out over £1.4 million in redundancy payments over the last three years of its life.

The reports come in the wake of a number of controversies in the civil service, the BBC and the NHS relating to the nature and size of redundancy payments made to ex-employees.

The organisation, which has recently been split into two and re-named the Financial Conduct Authority and the Prudential Regulation Authority, apparently spent £1,476,898 on redundancies between 2009 and 2012, with over 30 staff being made redundant over the last 3 years. This equates to an average of £50,000 per employee. The Financial Conduct Authority, responding to a Freedom of Information request, did not specify individual redundancy packages but instead broke them down into categories of staff. These categories showed the following:

  • Administrators and associates made redundant received a total payout of £749,889
  • Managers made redundant received a total of £256,935
  • Directors made redundant received a total of £255,000
  • Heads of departments made redundant received a total of £181,235
  • Technical specialists made redundant received a total of £36,839

It also emerged that 11 employees had been dismissed for performance issues over the same period and that despite the redundancies and the splitting of the organisation, staffing has remained largely untouched at the new Financial Conduct Authority.

Chris Hadrill, an employment solicitor at Redmans, commented: “Employers have a duty to pay employees statutory redundancy pay once they have been employed with their organisation for a period of two years or more or, alternatively, to pay them any contractual redundancy pay that is payable under their contract of employment. It’s not clear whether the staff at the old FSA were paid statutory redundancy pay or contractual redundancy pay.”


Redmans Employment Team deal with employment matters for both employers and employees, including drafting employment contracts and policies, advising employers and employees on compromise agreements, handling day-to-day HR issues, advising on restructures, and handling Employment Tribunal cases for both employers and employees Call 020 3397 3603 to speak to one of the members of our employment team or email us on enquiries@redmans.co.uk. Redmans have offices in Richmond, Chiswick, Hammersmith, Fulham, Kingston, Wimbledon, Ealing, Kings Cross and Marylebone (meetings strictly by appointment only).

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4.76 Average

199 Reviews

Paul T

Excellent, quick and informative. Chris was a real star and gave me confidence during the uncertainty if a redundancy settlement.

Posted 5 hours ago

Marina E

Felt in very capable hands was listened to and given excellent advice. Would not hesitate to recomend and use again if needed.

Posted 6 hours ago

Rosa B

Fabulous service all round.

Posted 1 week ago


Redmans were quick to respond to my enquiry and dealt with my case professionally and personably. I received sound advice and was put at ease by Chris Hadrill, Partner.

Posted 1 week ago

Alkhas K

Excellent service.

Posted 2 weeks ago

Mathias G

Contacted them regarding my end of employment agreement. Chris Hadrill dealt with it and was done and handed back to employer same day more than happy with there service.

Posted 1 month ago

Mark W

Most professional from start to finish offering very a personal service. Most impressive and quick when dealing with the matters in hand.

Posted 2 months ago


Posted 2 months ago


I am very glad I came across Redmans Solicitors. Fantastic service!

Posted 2 months ago


Fantastic communication, always happy to answer queries, highly recommended.

Posted 2 months ago

Wavenie B

They were very straight to the point, friendly and understanding people. I felt they had my best interest. They were easy to get hold of, replies were almost instant. 5/5 for customer service

Posted 2 months ago

Christina P

Caroline was fantastic to work with - extremely knowledgeable, supportive, thorough and honest. I definitely recommend Redmans!

Posted 2 months ago


Very well done and fast support. Professional and reliable. Highly recommended!

Posted 2 months ago

Helene L

They were very knowledgable in the respected area in terms of change in law/regulations that is crucial for the clients who are seeking for legal arvice.

Posted 2 months ago

Sara R

Very helpful and wonderful advice

Posted 2 months ago

Marie D

very good service all digitalised

Posted 2 months ago

Philip H

Chris Hadrill handled my case with great accuracy and efficiency. Basically made it feel like a process without hassle. Doesn't try to expand the case just for greater fees. I value his professional advice highly.

Posted 2 months ago

Michael W

Professional, responsive and supportive - excellent service!

Posted 2 months ago


I was really happy with the service provided. I had to chase a couple of time but despite that, my matter was dealt with in a timely manor. I would use again in the future

Posted 2 months ago

Lee M

Superb service and always available

Posted 2 months ago

Jonathan S

I was very grateful for the support I received from Redmans during a very difficult period. Rana Tandon really got under the skin of my issue and understood what was important to me, steering me carefully and sensibly to an outcome I was very happy with. I would recommend Redmans to anyone else without any reservations whatsoever.

Posted 2 months ago