FCA Boss Gives Up Bonus Over Pension Gaffe

The boss of the Financial Conduct Authority is to give up his annual bonus in the wake of a pension review story, Sky News has learned.

The decision by CEO Martin Wheatley comes as an internal investigation looks into the leaking of a news story to a national newspaper earlier this year.

Shock waves from the report saw billions wiped from the market value of the nation's leading pension providers.

The report, which had quotes directly attributed to another leading FCA official, hinted that up to 30 million pensions would need to be reviewed.

Last week Sky City Editor Mark Kleinman revealed that the quoted official, Clive Adamson, was preparing to step down as a result of the furore.

Mr Adamson is currently the director of supervision at the FCA.

Simon Davis, a partner at the law firm Clifford Chance, was appointed in April to lead an FCA inquiry into the leak - the report is published later today.

His report is expected to make a series of recommendations relating to the disclosure of market-sensitive information and internal communications at the FCA.

Meanwhile, Sky News understands that four senior executives at the FCA are set to be criticised by Mr Davis' report.

The news story in the Daily Telegraph last March sparked panicked selling by investors in London-listed insurers including Aviva and Friends Life, which have since agreed to merge, amid fears of a draconian regulatory clampdown.

However, the FCA failed to issue a clarifying statement about the terms of its review for more than six hours after trading in the shares had begun.

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