You are here: Home - Insurance - News -

FCA bosses ‘defer bonuses’ after insurance probe blunder

Written by:
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.


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
FTSE 100: This morning’s risers and fallers

London stocks opened tentatively on Friday morning, with small gains being registered ahead of the final revision to UK gross...