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
Megan Butler and Jonathan Davidson of the FCA
Image:

Megan Butler and Jonathan Davidson of the FCA

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 ...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Sub-committee to intervene at consultation paper stage.

Treasury sub-committee launched to scrutinise financial regulators post-Brexit

Additional Financial Services Scrutiny Unit

clock 24 June 2022 • 2 min read
ii writes open letter to MP

ii demands 'level playing field' for retail investors

'We fear there will be very little change'

clock 24 June 2022 • 3 min read
The worst contender dropped 166%, with its flows going from net positive to net negative
ESG

Morningstar figures reveal drop in recently ESG rebranded funds flows

Worst fund saw 166% drop

Kathleen Gallagher
clock 24 June 2022 • 5 min read
Trustpilot