FSA

Salaries and bonuses must not be set according to a market average, the FSA says today, despite citing industry levels as justification for a reported £10m worth of pay rises for its staff.

The FSA is telling any firm selling single premium payment protection insurance (PPI) alongside an unsecured personal loan to withdraw the product "as soon as possible".

An action group set up to challenge the proposed increases in FSA fees for financial advisers has been established.

Hector Sants, the chief executive of the Financial Services Authority (FSA) will waive his bonus, amid criticism of the regulator's role in the crisis, reports The Telegraph.

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's "astronomical" proposed budget increases for the coming financial year will endanger the survival of good firms, the Association of IFAs (AIFA) warns.

The FSA will spend more than £300m on staff costs in the coming financial year it announced today, after proposing to up its annual fees by £117m.

Lighthouse Group's joint chief executive, Malcolm Streatfield, has been appointed to the Financial Services Practitioner Panel, it was announced today.

The FSA is not taking the issue of widening access to financial advice seriously enough, according to Aegon.

The Financial Services Authority is proposing a short-selling disclosure requirement for all UK listed stocks but not a full ban on the practice.