Clawback extended to 10 years as UK regulators Prudential Regulation Authority and Financial Conduct Authority mull negative bonuses June 23, 2015 Bonuses could be clawed back for as long as a decade under new rules published by City regulators today. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed they were pushing ahead with rules for a wider seven-year claw-back period but that an added three years is being considered for senior managers. [...]
FCA bans Gracechurch’s Sam Kenny from financial services industry and hands out £450,000 fine March 13, 2015 The former chief executive of Gracechurch Investments Limited Sam Kenny has been banned from working in the financial services industry and fined £450,000. Gracechurch, a now dissolved stock broking firm, was guilty of a host infractions. The Financial Conduct Authority found Kenny had used pressure selling techniques and Gracechurch had routinely sold stocks through misrepresentation [...]
Quindell eyed in parliament as Lord Myners questions company’s activities December 12, 2014 Former City minister Lord Myners has asked the government whether it will investigate embattled insurance outsourcer Quindell, its board of directors or its financial advisers. The written parliamentary question, first reported by the Financial Times, was put to the government on 1 December. Myners said: To ask Her Majesty's government whether they are investigating Quindell and [...]
Mark Carney: EU bonus cap has “unfortunate” side-effects – reform bankers’ pay instead November 17, 2014 Bank of England governor Mark Carney says massive fines for bad behaviour among bankers hasn't done enough – and that their pay may be overhauled even further in order to "help rebuild trust in financial institutions". New measures could include "clawback" options for bankers' salaries as well as their bonuses, and even paying out "performance [...]
Bank of England fires chief currency dealer Martin Mallett after forex scandal probe November 12, 2014 A senior figure at the Bank of England has been fired for serious misconduct after failing to follow internal policies. BoE chief currency dealer Martin Mallet, who has worked at the Bank for 30 years, was suspended in March. Following a disciplinary procedure, he was dismissed yesterday. The BoE made clear this was in relation [...]
Afren share price plunges as company fires chief exec and chief operating officer for misconduct October 13, 2014 Afren was plunged into fresh turmoil last night after the oil and gas explorer revealed it has fired chief executive Osman Shahenshah and chief operating officer Shahid Ullah for gross misconduct. Afren’s shares have plunged since the controversy over unauthorised payments began at the end of July. The group said law firm Willkie Farr & [...]
Wonga to pay £2.6m to customers after sending debtors letters from non-existent law firms June 25, 2014 Payday lender Wonga has agreed to pay compensation to around 45,000 customers over what Britain's financial regulator has called "unfair and misleading debt collection practices". An Office of Fair Trading (OFT) investigation found that the lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Wonga sent letters from the [...]
Philip Clarke, Euan Sutherland and Dov Charney – the bosses who left us in 2014 December 19, 2014 This year has had its fair share of disasters – from the Co-op’s continued struggles to Tesco’s melting share price. But what of the people behind the stories? We’ve got the best, worst and most surprising people moves of the year. 1. Philip Clarke makes an unceremonious departure from Tesco Clarke stepped down at [...]
New FSA vetting regime changing life in the City May 25, 2010 LAST week, the FSA secured an undertaking from former senior RBS executive Johnny Cameron that he would not work full-time in the financial services industry again. This weekend it emerged that ex-Morgan Stanley executive John Hyman would not be going through with his planned move to Nomura because the regulator had asked that his FSA [...]
WALKER REVIEW: ALL THE POINTS AT A GLANCE November 25, 2009 BOARD SIZE, COMPOSITION AND QUALIFICATION 1. Non-executive directors at banks or other financial institutions will need to go on training programmes.2. The board should provide non-execs with extra support on appropriate issues as and when needed. 3. Non-execs at a FTSE 100-listed bank or life assurance company should give more time to their roles. Several [...]