Cable Forum - Banking culture inquiry shelved by regulator FCA

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Banking culture inquiry shelved by regulator FCA

http://www.bbc.co.uk/news/uk-3520401...0155127174#_=_

Quote:

The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.
The FCA had planned to see whether pay, promotion and other incentives contributed to misconduct seen in previous years.
The review was meant to be a major piece of work by the watchdog.

Anyone really surprised ?

Re: Banking culture inquiry shelved by regulator FCA

No l am not surprised at all sadly.:(

Re: Banking culture inquiry shelved by regulator FCA

Look on the bright side, it's a lot cheaper than spending millions on another protracted 'Chilcot'... :erm:

The FSA didn't come out of the banking crisis without more than its fair share of blame but their 'failure' was penalised with a nice gong for the boss (in 2012) and some sweet bonuses for key staff:

Quote:

Staff at the Financial Services Authority have received bonuses of £19.7m - a 40% increase on the previous year - despite the near-collapse of the banking sector.

Payments for last year's performance at the City watchdog were equivalent to around 15% of salary and marked an increase from the £13.9m paid for 2007.

One FSA executive was paid £90,000 and the average pay-out was £7915, according to figures released by the Liberal Democrats. These also showed that 174 employees were paid salaries over £100,000 and received average bonuses of £22,485.

The FSA has received a mauling in the wake of the banking crisis and collapse of Northern Rock.

http://www.heraldscotland.com/news/1...__pound_19_7m/

Quote:

Hector Sants, the outgoing chief executive of the Financial Services Authority, saw his total pay package jump from £623,000 to £742,000 last year.
But he turned down £130,000 of bonuses awarded to him, giving the money to charity.

His boss, chairman Adair Turner, was paid £482,000. Mervyn King, Governor of the Bank of England, picked up £306,000 while the highest paid civil servant John Fingleton of the Office of Fair Trading got £280,000

http://www.standard.co.uk/business/f...r-6479226.html

Even the regulators got bonuses for failure!

Re: Banking culture inquiry shelved by regulator FCA

The announcement that several UK banks are to introduce "free" bank accounts is probably the sweetener for those feeling aggrieved by this news?

/cynic mode off....

Re: Banking culture inquiry shelved by regulator FCA

We're all in it together folks just seems some are more in it then other's but hey not like it's a problem or ever causes one :erm:.

Re: Banking culture inquiry shelved by regulator FCA

Quote:

Originally Posted by RizzyKing (Post 35815128)

We're all in it together folks just seems some are more in it then other's but hey not like it's a problem or ever causes one :erm:.

Or that the problem has been solved or gone away, they're still at it

http://www.standard.co.uk/comment/co...t-9825824.html