FCA execs face pressure to hand back £90k bonuses after LCF and Connaught reviews - reports

Megan Butler and Jonathan Davidson under pressure

Mike Sheen
clock • 2 min read

Financial Conduct Authority (FCA) executives Megan Butler and Jonathan Davidson face pressure to hand back £90,000 in bonuses awarded to them for the 2018-19 financial year, following the damning findings of the Connaught and London Capital & Finance (LCF) reports.

The publication of the independent reports yesterday (17 December), which have forced the FCA to apologise and promise to overhaul its processes, has now led to intervention by parliamentarians who demand large payouts be returned, according to Sky News. Having been singled out for criticism, Butler is moving on from her current role as director of supervision and Davidson will leave the FCA as part of its planned restructuring. Labour's shadow economic secretary to the Treasury Pat McFadden MP said: "This scandal represents a shocking failure of supervision in which some people lost ...

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