But cutting out free parking meant that around 30 executives who had a parking space written into their contracts had to be compensated. Each employee will receive around £3,500 based on an annual parking space being worth £1,500 and compensation covering three years, although private parking spaces can cost up to £17 for four hours, meaning those paying on some private sites would reach the £1,500 estimate in weeks.
A spokeswoman for the FSA said: 'This is something we are required to do by employment legislation. There are 2,000 staff moving into our new offices in Canary Wharf and there are not going to be even half that number of parking spaces. To be fair to all people in the company, we decided to restrict spaces to only those who need them for business use. It is the same as hot-desking, so each parking space is being used by several people.'