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FCA bosses ‘defer bonuses’ after insurance probe blunder

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27/06/2014
Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), and several colleagues have deferred taking their annual bonuses because of an ongoing review into the bungled announcement of an insurance industry investigation.

The BBC reports Wheatley and eight other FCA executives will all see their bonus payments delayed.

The deferral comes after a huge outcry from insurance chiefs following the FCA’s decision to reveal details of an investigation in to insurers legacy contracts to the Daily Telegraph.

The leak resulted in a massive sell-off in insurance company shares earlier this year. An MP described it as “as extraordinary blunder” at the time.

The BBC said the watchdog had not commented on Wheatley’s bonus deferral but more information might be released in its annual report – scheduled for release on 9 July.

Last year Wheatley (pictured) took home a bonus of £86,000.

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