Monday 19 April 2021
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theguardian - 2 month ago

City watchdog scraps bonuses for its top staff after LC F scandal

Performance-related pay at Financial Conduct Authority also axed after criticism for handling of failed investment firmThe 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”. Continue reading...


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