Treasury Committee grills Nikhil Rathi over FCA bonus scheme and fee hikes

Watchdog paid £23m of bonuses in March

Mel Stride, chair of the Treasury Select Committee, has put the FCA's bonus scheme into question and also raised concerns over the watchdog's recent fee hike proposal for financial services firms.

"Your November fee proposals contain a significant uplift for firms' minimum fees," said Stride. "It's quite a hike, certainly in proportional terms." He asked whether the hike in minimum fees from £1,151 to £2,200 would "significantly" affect smaller firms under the FCA's surveillance "given they have got a lot of burdens from a lot of directions, let alone fees". FCA chief executive Nikhil Rathi argued that the fee increase was necessary for the FCA to carry out its supervision. FCA sets out strategy to tackle consumer investment harm "We signalled in our fee proposal last yea...