The Financial Conduct Authority has launched a consultation in which it proposes to end discretionary bonuses and narrow salary ranges to ensure colleagues are fairly remunerated.
In an internal consultation, Nikhil Rathi, chief executive of the FCA, announced the regulator was proposing "tough decisions", including the removal of bonuses, which he said "have not been effective at driving consistent individual or collective performance". FCA has not rejected a fund application in five years despite complaints over fund quality He added the payment of such bonuses "risks undermining confidence in the FCA" and currently "does not include some key elements that we ask of those firms we regulate". "It has become increasingly difficult to justify these one-off pa...
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