The City chief in charge of supervising Northern Rock at the time of its collapse left the Financial Services Authority with a £612,000 pay-off.

Clive Briault stepped down as managing director of the FSA's retail banking division in April "by mutual consent".

The pay-off for Mr Briault, who had been with the FSA since it was set up in 1998, emerged in the FSA's annual report, which has just been published.