FCA senior bonuses to be cancelled after insurance investigation

Members of the executive committee at the Financial Conduct Authority (FCA) stand to lose their bonuses over the blunder that caused a collapse in prices of large insurance companies, according to reports.

It follows an unclear briefing from the FCA over a planned investigation into life insurers, causing their shares to fall sharply. The announcement that legacy exit fees would be up for review, originally published in the Telegraph, caused shares in Phoenix to drop as much as 22%, while Resolution, Legal & General and Prudential fell 13%, 8% and 5.5%, respectively. It took the regulator six hours to clarify the scope of the review, which eventually led to insurance companies paring losses. The blunder triggered an independent investigation by Simon Davis, a partner at law firm Clif...