The CEO of the UK's financial watchdog, Martin Wheatley, took home £701,000, according to the FCA's annual report.

Financial Conduct Authority chief executive Martin Wheatley saw his pay jump 15 per cent to £701,000 ($1.09 million) in the year to the end of March, thanks to a £92,000 bonus.

Wheatley received no bonus in the previous financial year due to the watchdog's handling of its closed book life insurer review. While the chief's basic salary remained steady at £460,000, he continued to receive a non-pensionable supplement of £41,000 in lieu of pension contributions.

The £108,000 value of his other benefits included the provision of a car and driver. Wheatley's bolstered pay contrasted the £192,000 chairman John Griffith-Jones received.

The second best paid FCA executive director was director of supervision Tracey McDermott, who enjoyed a 44 per cent rise in performance-related pay to £65,000. She received a total of £475,000 in the year to 31 March.

“We will continue to invest in our staff, as having the best people with the right skills is crucial to us meeting our objectives,” said Wheatley in a separate statement.

Elsewhere in the report, the FCA posted a loss of £58.3 million, up £29 million from the previous year. This was driven by a deficit of £24.9 million and an actuarial loss of £33.4 million. Meanwhile, fee income grew 4 per cent year-on-year to £451.2 million.