View more on these topics

Politicians “passing the buck” on bankers’ bonuses

Politicians are responsible for restricting the size of individual bankers’ bonuses, not the FSA, according to the regulator’s chief executive Hector Sants.

Sants told the BBC’s Andrew Marr Show on Sunday that the size of individual payments “is not one for financial regulators”.

He said: “That is one for politicians and society as a whole. If politicians wish to take a view on that, then they should say so, but they should not be asking the regulator to carry out a pay policy. Our job is to make sure that banks do not pay out in aggregate more than they should do and do not put the banks themselves at risk.”

Sants refused to take a view on whether banks such as RBS, which is 70 per cent owned by the taxpayer but has set aside £1.8bn for bonuses for its investment arm, should be showing more humility.

He said: “The question of how the total pot of profits should be split between the shareholder and the employees is one primarily for the shareholder to answer.

“In many cases now, the government is the shareholder. So I think that is a question for government and politicians. Asking the regulator to solve that, I would say is arguably passing the buck.”


McKenzie quits Martin Currie

Martin Currie UK equity income manager Scott McKenzie is leaving the firm to pursue other opportunities, with Ross Watson taking over the management of his fund.

Trade body set up to aid IFAs operating in Europe

The Federation of European Independent Financial Advisers has been launched to represent the interests of English-speaking IFAs operating in main- land Europe.Feifa aims to lobby national and EU regulators on issues affecting advisers and help IFAs who are either based in Europe or passport in from the UK.Membership fees for firms with between one and […]

FSA gap still wide open

New FSA authorisations of IFA firms fell by nearly 10 per cent to 74 in the second quarter of this year from 81 in Q1.The Maximas quarterly review of FSA authorisations and cancellations reveals authorisations of mortgage broker firms have remained stable at 23.Advisers and brokers have shown “consistently high auth- orisations” over Q1 and […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Politicians “passing the buck” on bankers’ bonuses
    And yet the FSA has no qualms about questioning the fee rates charged by IFA’s, as it did a couple of years back. Double standards again.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm