Mark Carney: EU bonus cap has “unfortunate” side-effects – reform bankers’ pay instead November 17, 2014 Bank of England governor Mark Carney says massive fines for bad behaviour among bankers hasn't done enough – and that their pay may be overhauled even further in order to "help rebuild trust in financial institutions". New measures could include "clawback" options for bankers' salaries as well as their bonuses, and even paying out "performance [...]
Bank of England fires chief currency dealer Martin Mallett after forex scandal probe November 12, 2014 A senior figure at the Bank of England has been fired for serious misconduct after failing to follow internal policies. BoE chief currency dealer Martin Mallet, who has worked at the Bank for 30 years, was suspended in March. Following a disciplinary procedure, he was dismissed yesterday. The BoE made clear this was in relation [...]
Afren share price plunges as company fires chief exec and chief operating officer for misconduct October 13, 2014 Afren was plunged into fresh turmoil last night after the oil and gas explorer revealed it has fired chief executive Osman Shahenshah and chief operating officer Shahid Ullah for gross misconduct. Afren’s shares have plunged since the controversy over unauthorised payments began at the end of July. The group said law firm Willkie Farr & [...]
Wonga to pay £2.6m to customers after sending debtors letters from non-existent law firms June 25, 2014 Payday lender Wonga has agreed to pay compensation to around 45,000 customers over what Britain's financial regulator has called "unfair and misleading debt collection practices". An Office of Fair Trading (OFT) investigation found that the lender had sent letters to customers in arrears from non-existent law firms, threatening legal action. Wonga sent letters from the [...]
New FSA vetting regime changing life in the City May 25, 2010 LAST week, the FSA secured an undertaking from former senior RBS executive Johnny Cameron that he would not work full-time in the financial services industry again. This weekend it emerged that ex-Morgan Stanley executive John Hyman would not be going through with his planned move to Nomura because the regulator had asked that his FSA [...]
WALKER REVIEW: ALL THE POINTS AT A GLANCE November 25, 2009 BOARD SIZE, COMPOSITION AND QUALIFICATION 1. Non-executive directors at banks or other financial institutions will need to go on training programmes.2. The board should provide non-execs with extra support on appropriate issues as and when needed. 3. Non-execs at a FTSE 100-listed bank or life assurance company should give more time to their roles. Several [...]
Walker plans bonus delays July 16, 2009 BANKERS would have half of their bonuses withheld by employers for up to five years, under proposals designed to end City “short-termism.” The new plans came from former Morgan Stanley chairman Sir David Walker yesterday in a review of banking in the wake of the global downturn. Walker’s review of banks’ pay comes after some [...]
THE FSA HAS TO FIGHT TO KEEP GAINS June 2, 2009 DORIAN DREWPARTNER, NORTON ROSE LLP THE FSA has sometimes been called a watchdog with no teeth. That has begun to change, and in recent months there has been a notable increase in success. This, perhaps, is a result of increased activity following criticism of the watchdog. But all of this progress could be undermined. It [...]