FSA boss awarded massive bonus as fine revenue booms
As Britain’s favourite fiscal watchdog enjoys its biggest fine revenues since unreliable records began, the boss of the Financial Services Authority was last night anticipating a stratospheric bonus. It’s the just reward for the regulator’s ”hands-off” form of policing of Britain’s most important industry, says the FSA boss.
Analysts predict that fine revenue for the first half of this this year could be upwards of £2 billion, as scandal after scandal emerges and with the FSA allowed to take a small incremental fine from each example of multi-billion dollar malpactice.
Each bank is fined around £1 for every £1000 it makes from interest-rate rigging and mis-selling and this “light-touch regulation” means the scandals can continue unabated and the FSA can guarantee a sustainable revenue stream.
Under City of London guidelines, the £2 billion revenue growth would entitle FSA boss a bonus of around £12 trillion.Click to send this story to a friend
Posted: Jul 4th, 2012 by ronseal
Click for more stories about: News In Brief