The FCA is to cancel bonuses for several of its senior executives who will be heavily criticised in a review of its closed book blunder this week.
The FT reports FCA chief executive Martin Wheatley is one of five executives singled out for criticism in a report by Clifford Chance partner Simon Davis.
But it says it is not clear if Wheatley will lose his bonus. The FCA declined to comment.
The regulator appointed Davis to carry out the inquiry into its handling of a media briefing in March on its review of closed book policies, which caused insurers’ share prices to tumble in the six hours it took the FCA to release a clarification statement.
In June, it was reported that FCA senior executives had deferred their bonuses until the probe was complete.
Yesterday, the FCA announced a restructure of its authorisations and supervision divisions, which will see several senior figures step down.
FCA director of supervision Clive Adamson, director of communications Zitah McMillan and director of authorisations Victoria Raffe are leaving the regulator. The FCA says their departures are unconnected to the closed book review.
The FT reports that McMillan’s replacement will no longer sit on the executive committee or report directly to Wheatley.
Wheatley’s total pay for 2014/15 was £610,000, down from £667,000 in 2013/14. Last year, his bonus was worth £86,000.