Tyrie writes to FCA calling for more action on banks' sales incentives

Laura Miller
clock

Treasury Select Committee chairman Andrew Tyrie has written to the Financial Conduct Authority chief executive Martin Wheatley calling on the regulator to do more to crack down on poor practices in banks linked to sales incentives and remuneration.

Tyrie (pictured) said he has been spurred to write the letter in advance of Tuesday's evidence session with the FCA, and following the Final Notice issued against Lloyds in December 2013 for serious failings in its controls over sales incentive schemes. Commenting on the letter, Tyrie said:"Banks have rewarded poor behaviour, causing losses to their firms, their reputations and their customers. In some cases, remuneration structures encouraged behaviour which added great risk to the financial system. "Incentives have been deeply misaligned for significant numbers of front-line staff,...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read
FCA joins forces with international regulators on illegal finfluencer crackdown

FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock 06 June 2025 • 3 min read
Advisers do not expect FCA's targeted support to prompt new client propositions

Advisers do not expect FCA's targeted support to prompt new client propositions

Some 54% said they will not consider new propositions, Schroders finds

Isabel Baxter
clock 03 June 2025 • 2 min read