Watchdog’s £367,000 pay in just 3 months

THE City watchdog’s exboss pocketed £367,000 for just three months’ work, accounts reveal.

Tracey McDermott was acting head of the Financial Conduct Authority until the end of June 2016, when former central banker Andrew Bailey got the job.

But FCA annual report figures show she was paid to do nothing for another six months. McDermott, 48, was paid £ 367,000 – £284,000 basic salary, an £11,000 bonus, £37,000 in benefits and £ 35,000 towards her pension.

Bailey earned £449,000, including a £330,000 salary and a bonus of £65,000.

McDermott has since joined London bank Standard Chartered as chief lobbyist, a move which sparked fury as the FCA has been investigating its financial crime controls.

She ran the FCA when the probe began, but has promised not to share any confidential information.

The report shows that 19pc of UK takeovers were preceded by suspicious activity that might suggest illegal insider trading.

Six firms were fined £181m for wrongdoing. and eight criminals had £2.4m of gains confiscated.