Executives and staff of the Financial Services Authority (FSA), the chief City regulator, are in line for up to £33 million of bonuses and pay top-ups this year, The Times reports.
The FSA, which has been severely criticised for not doing enough to anticipate the banking crisis, said that it needed to introduce a new reward strategy to improve the performance of its 2,800 employees. Plans for potentially bigger bonuses and a new pay top-up scheme - described by the FSA as "a talent management initiative" - come just 24 hours after Sir James Crosby, its deputy chairman, resigned amid allegations that when he ran HBOS he sacked a senior whistleblower who was worried that the bank took excessive risks. The FSA is raising staff bonuses from a maximum of 12.5 per cent ...
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