June 26 Senior executives at Britain's financial
watchdog have decided to defer their annual bonuses until a
probe into a media briefing the regulator organised on pension
and savings plans sold by insurers is completed, an FCA
spokeswoman told Reuters.
The Financial Conduct Authority's Chief Executive Martin
Wheatley is among the nine senior managers who have decided not
to accept any discretionary payments for last year until the
inquiry is completed.
Britain's financial watchdog held a media briefing in March
in which it said it would investigate roughly 30 million
policies held in so-called "zombie" insurance funds.
The announcement wiped off billions of pounds from the
value of major insurance companies such as Aviva, Friends
Life and Legal & General.
The FCA issued a clarifying statement about the terms of its
review some six hours later, after which many of the insurers'
share prices rebounded.
An official announcement is expected to be released in the
FCA's annual report, due to be published on July 9.
Last year, Wheatley was awarded a performance-related payout
of 86,000 pounds, Sky News said.
The FCA spokeswoman declined to say when insurance probe
would be completed.
Most members of the FCA's nine-strong executive committee
had no involvement in the briefing, and expected to receive
their bonus awards once the inquiry is completed, Sky reported.
The other members of the FCA executive committee who are
understood to have agreed to defer their bonuses are Clive
Adamson, director of supervision; David Lawton, director of
markets; Sean Martin, general counsel; Tracey McDermott,
director of enforcement and financial crime; Zitah McMillan,
director of communications; Victoria Raffe, director of
authorisations; Lesley Titcomb, chief operating officer; and
Christopher Woolard, director of policy, risk and research.
(Reporting by Huw Jones in London and Tasim Zahid in Bangalore,
editing by David Evans)