Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FCA bosses defer bonuses on insurance probe woes

FCA bosses defer bonuses on insurance probe woes

Financial Conduct Authority chief Martin Wheatley has chosen to defer his annual bonus, alongside a raft of colleagues, on account of the ongoing probe into zombie insurance funds.

Sky News reported that Wheatley and eight colleagues on the FCA's executive committee have decided not to accept bonus payments for last year until the inquiry completes. Their decision is expected to be disclosed in the FCA's annual report, published on July 9.

The FCA executive committee includes Clive Adamson, director of supervision; Tracey McDermott, director of enforcement and financial crime; David Lawton, director of markets; general counsel Sean Martin; and Chris Woolard, director of policy, risk and research.

The move follows the FCA's decision to brief a newspaper about an inquiry into around 30 million policies held in zombie insurance funds, which subsequently wiped billions of pounds off the value of insurance companies after sparking panic among investors.

The FCA then issued a clarifying statement about the terms of its review six hours after the story had broken, which helped many of the companies to see their shares rebound. However, the debacle has sparked anger among insurance companies and Treasury officials and event attracted criticism from chancellor George Osborne.

The FCA has set aside around £1.7 million for the cost of the inquiry.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter