FCA to cancel exec bonuses after insurance investigation
The FCA is set to cancel several senior executive bonuses prior to the release of a report criticising executives over a blunder that affected insurance companies' share prices.
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A Financial Times article reports that FCA chief executive Martin Wheatley is one of five executives singled out for criticism in a report by Clifford Chance partner Simon Davis, due to be released tomorrow.
Back in March, FCA director Clive Adamson announced a probe into closed-book policies dating back to the 1970s, causing shares of major insurance companies to drop by up to 22% before the review was clarified.
Following the event, Davis was appointed to carry out an enquiry, and all nine members of the FCA executive committee had their bonuses put on hold awaiting the findings of the report.
The FCA have not yet announced whether Martin Wheatley will be included in the bonus cuts.
Yesterday, the FCA revealed a restructure of its authorisations and supervision divisions. They said that Member of the Executive Committee and the Board, Clive Adamson, and Executive Committee members Zitah McMillan and Victoria Raffe will be leaving the organisation as part of the structural changes.
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