The Financial Services Authority is offering around 100 of its 2,350 staff retention bonuses over the next three years in an attempt to prevent them defecting to City firms, says the Guardian .
A new appraisal and reward system is being implemented which should also root out underperforming staff and those the regulatory body believes are "not meeting the standards expected". Chief executive John Tiner, who is revealed to have earned £540,242 last year, according to yesterday’s FSA annual report, argues staff turnover at the FSA is a myth as the turnover is 10% and below the rate experienced within the financial services industry. Figures indicated the FSA employs 190 people earning more than £100,000 a year and has an average pay level of £56,000. THE SCOTSMAN points out...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes