While many welcomed a bonus system, which they hoped would reward those who did well and attract a high-calibre workforce to the FSA, some questioned whether implementation of regulation had gone smoothly enough to warrant bonus payments.
Rob Clifford, managing director of franchise brokerage operation Mortgageforce, said that in the commercial world bonuses depend on customer satisfaction. “It would be interesting if we could take a broad consensus from intermediaries on what sort of bonuses the regulator should be awarding to its staff.
“I realise the FSA would have difficulty in measuring this but it would be disappointing if those who don’t deserve bonuses receive them,” he said.
John Rattigan, director of compliance at Manchester-based brokerage Cartel, said: “I believe that, by and large, the FSA has done a good job in getting everyone across but with so many intermediaries struggling at the moment it may appear slightly inappropriate that some within the organisation are being rewarded with bonuses.”
Chris Cummings, director of the Association of Mortgage Intermediaries (AMI) said he believed it was a good thing that FSA operated a system of bonuses. “The FSA has such a huge impact on our business, so we want them to attract the best possible candidates and naturally remuneration plays a role in this.”
However he added: “This news will come as cold comfort to many of our members.”
FSA spokesperson Robin Gordon-Walker said detailed information on bonuses would not be published. “People are informed individually as to their performance bonuses as is usual in most organisations,” he said.
