Performance-related pay at Financial Conduct Authority also axed after criticism for handling of failed investment firm
The City watchdog is scrapping performance-related pay and bonuses for senior executives, and also plans to impose salary cuts, as it faces criticism over its handling of the London Capital & Finance (LC&F) investment scandal.
After an outcry about the Financial Conduct Authority’s failure to properly police the collapsed firm, the regulator’s chair, Charles Randell, told MPs that there would be a crackdown on remuneration. He said: “We decided that the consequences that flow from this should be collective. It was clearly the case that the FCA wasn’t sufficiently joined up across its various activities.”
