The FSA - poor value for money?

On January 21st, 2011 Money Marketing Online reported the following:
http://www.moneymarketing.co.uk/regulation/fsa-freezes-staff-pay-for-second-year/1024971.article
The FSA has told staff that they will not be getting a pay rise for the second year in a row.
An email sent to regulator staff today says: “Last year, as you know, the vast majority of staff did not receive pay rises for 2010.
“We have announced today that again there will be no across the board pay rises for this year.”
This time last year FSA chief executive Hector Sants emailed all staff to say the regulator had not put aside funds for pay increases for 2010.
He added that the FSA’s bonus pot for 2010 would be the same level as 2009 at 15 per cent of the total salary pot.
A spokeswoman for the FSA says the 2011 bonus policy is in line with this.

On 3rd March 2011 Moneymarketing online reports:
http://www.moneymarketing.co.uk/regulation/fsa-wages-rise-22-in-five-years/1027064.article

Average salaries for FSA staff have risen 22 per cent over the last five years to £51,232.

Figures from the regulator published in the Financial Times show that excluding directors FSA staff were paid an average of £51,232 for the year to March 2010, up 6 per cent from 2009.

Senior management wages have risen 14 per cent since 2005/06, from £206,391 to £236,950 in 2009/10.

The enforcement division saw the largest jumps in salary, with average salaries up 26 per cent from 2005 to £53,207.
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So whilst apparently no one was getting payrises, average salaries are going up. Obviously lots of explanations for this: one example might be people leaving and replacements coming in on higher salaries - but anything I can come up with has a cost attached to it - take my example above, there is redundancy for the person leaving and recruitment costs and training costs for the new person.

As someone that pays a small fortune from my business profits towards the upkeep of the regulator, and given the poor performance of the FSA in general (banking crisis anyone?) I certainly don't feel I receive value for money from them.