Four top executives at the Financial Conduct Authority (FCA) are to lose their bonuses.
It comes after a highly critical report on the way the regulator leaked highly sensitive information to the media. An independent report found that the FCA's strategy was "high-risk, poorly supervised and inadequately controlled". A story, leaked to the Daily Telegraph paper in March this year, contained price-sensitive information. The resulting article claimed that the FCA was planning an investigation of 30 million pension policies, some of which had been sold as long ago as the 1970s. Billions of pounds were wiped off the share prices of big insurance companies. Andrew Tyrie, chairman of the House of Commons Treasury Committee, said that some of the errors in the FCA's conduct "went all the way to the top".....Read more here