Vince Cable – Bankers’ Pay Still Extraordinarily Large

Vince Cable has issued a stark warning to Britain’s leading boardrooms that they need to crack down on bonuses to restore public trust and avert the threat of fresh legislation to limit executive pay.

The business secretary fired off a warning to the 100 biggest UK-listed companies about the damage big pay deals can have on their image, before Barclays’ annual meeting on Thursday, where protests about the bank’s £2.4bn bonus pot are expected to be registered by disgruntled shareholders.

Cable told […]

RBS Mulling Over Legal Action Against Lawrence Tomlinson

Jon Pain, the head of regulatory affairs at RBS, said the claims by the adviser to the Department for Business, Innovation and Skills had done serious damage to the bank’s reputation since his 20-page report was published in November and legal action could not be ruled out.

Royal Bank of Scotland is considering legal action against the millionaire businessman behind a damning report that accused the taxpayer-backed lender of deliberately putting customers out of business for profit.  The bank may […]

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FCA Reports Surge in Useful Tips From Whistleblowers

The figure provides a boost for the regulator, which last year came under fire from a report by the Parliamentary Commission on Banking Standards that criticized the FCA’s handling of whistleblowing. The report said the commission had received evidence from whistleblowers that “demonstrated a lack of confidence in the regulator’s willingness and ability to support them and to act upon their concerns.”
The report made a number of recommendations, including that the FCA provide feedback to whistleblowers—a policy that the […]

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FCA Appointed Independent Reviewer Leads Inquiry into FCA

1st April 2014 – Fools Day
The Treasury Committee agreed to hold an evidence session with the independent reviewer who will be appointed by the Financial Conduct Authority to lead its inquiry into the Financial Conduct Authority’s treatment of market sensitive information, they have yet to announce his/her identity.
The Chancellor of the Exchequer has also written to the FCA expressing profound concern and outlining some areas that he thinks the review should address.

Chair’s comments
Andrew Tyrie MP, the Chairman of the Treasury Committee, […]

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    More than 5,000 traders and bank staff dismissed since financial crash

More than 5,000 traders and bank staff dismissed since financial crash

More than 5,000 employees from the financial services industry, including traders and brokers, have been dismissed since 2008, according to data obtained under the Freedom of Information Act.
The Financial Conduct Authority (FCA) released data in response to the request submitted by the Times, stating that between 2009 and 2013, 5,070 Form Cs had been submitted.

Form Cs are part of a mandatory reporting process for the financial services industry, which must be lodged when firms believe employees are unfit to work […]

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