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Salary of FSC chief executive defended

The chief minister has explained a large increase in the salary of the chief executive of the Financial Supervision Commission.

John Aspen receives an extra £48,000 after a two-stage adjustment, which has put his annual pay at just under £250,000.

Replying to a question in the House of Keys, from Michael MHK David Cannan, Tony Brown said the pay of the chief executive was independently assessed:

"As far as I'm aware, the pay that is given to the chief executive of the Financial Supervision Commission, when it was determined by the board of the Financial Supervision Commission excluding that chief executive, took into account what would be the rate they would assess to pay a person in this high position.

"As far as the funding of it is concerened, the FSC are, as I understand it, partly funded by government but they also have an income generation through licences and that is what overall funds the Financial Supervision Commission."

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