FSA: Fund managers and IFAs could face pay crackdown

The FSA is consulting on whether to extend its code of remuneration practices, designed to clamp-dow...

The FSA is consulting on whether to extend its code of remuneration practices, designed to clamp-down on bank excesses, to asset managers and retail intermediaries. While the FSA admits it does not think inappropriate remuneration practices by financial services firms played a significant role in the present crisis, it argues some practices are a legitimate cause for concern to firms and to regulators. Its move comes as part of a discussion paper on whether the regulator should incorporate its Code of Practice on Remuneration into its Handbook and how it should be applied to large banks...