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FSA guidance consultation on financial incentives

CII Briefing

On 5 September, the FSA published a guidance consultation on financial incentives, including the results of a thematic review into incentives across the industry. This briefing summarises the key points made by the consultation paper.

  • Martin Wheatley, the incoming Chief Executive of the Financial Conduct Authority, gave a speech to accompany the publication ,during which he spoke about the importance of firms demonstrating the right culture - from CEO-level down to front-line sales.
  • The FSA's review found widespread evidence of poor practice. In light of this, the regulator is considering strengthening the rules around remuneration.
  • The FSA notes examples of poor behaviour, not just in banks but across a range of firms, including insurers and financial advisers.
  • The regulator believes that large and small firms should be bound by very similar principles in the area of financial incentives, and the consultation sets out some guidance on good governance.

Pdf icon small  View the full briefing »

Pdf icon small  View the FSA consultation » 

Pdf icon small  View Martin Wheatley's speech » 

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