1 June 2009
APCIMS outraged by FSA bonuses
The Association of Private Client Investment Managers and Stockbrokers (APCIMS) is outraged that the FSA has rewarded itself 40% bonus increases, amounting to £19.7 million, despite damaging regulatory failures in the private client sector.
David Bennett, CEO of APCIMS said:
“Although we are sympathetic to FSA needs of building and retaining a good staff team, their bonuses illustrate they are totally divorced from the economic reality in which the commercial sector is operating.
“It seems astonishing that a government agency can do this when the government is supposed to be clamping down on bonuses in the City.
“The FSA have awarded themselves totally unjustified bonuses at a time when the industries they regulate have had to pull in their belts. In our own sector the FSA have increased fees by 27.6% for certain activities compared to last year. This is at a time when our firms are being asked to pay £80 million in compensation claims, something many firms would argue would not be necessary had they undertaken their regulatory duties properly.
“There is not a bottomless pit for private client investment management firms and until the FSA can prove they are able to regulate our sector effectively there should be a freeze on their bonuses.”
- ENDS -
For more information please contact:
Dirk Paterson, Head of Communications, APCIMS
on 020 7448 7100
Mobile: 07944 866 286
Email: dirkp@apcims.co.uk
Notes to editors:
APCIMS
- More than 12 million people in the UK currently invest directly in stocks and shares and other financial instruments to secure their financial futures
- APCIMS represents over 140 firms all over the UK who deal primarily in stocks and shares on behalf of individuals and the institutions in which we have our money
- Around £400 billion of the country’s wealth is under the management of our members
- Our aim is to ensure that the regulatory, tax and other changes across Europe minimize impact on the investment community
- We want to lead the debate on regulation in Europe, with UK regulators and with British parliamentarians to make sure consumers are protected while at the same time our industry flourishes in the UK.