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FSA under fire over bank remuneration oversights
The Financial Services Authority’s (FSA) has been criticised for playing down the role that remuneration played in causing the banking crisis, with the Treasury Select Committee planning to take issue with the regulator in the coming months.
"Their engagement with the banks prior to the crisis was often too weak or non-existent, allowing bank executives to operate in a vacuum.
"Policymakers need to focus on how we can promote more effective shareholder engagement. There is a degree to which seemingly ownerless corporations were allowed to operate outside the bounds of accountability; this must end."