The average salary at the FCA has risen by an average of 4.8% this year to £71,290, with some younger staff members receiving an 11.2% increase.

The new chief executive of investment provider Hargreaves Lansdown, Dan Olley, could earn a pay, bonus and share package worth £4.826m in 2024, the company’s 2023 Annual Report reveals.

The FCA is to increase salaries by an average of 6.5% in April, with a guaranteed minimum increase for staff of 4.5%.

Members of the Unite trade union working at the FCA have voted in favour of strike action in a row over changes to pay and conditions.