Get Fined – Pay With Your Bonus

That would appear to be the philosophy of the Financial Services Authority.

It is understood that the regulator is urging banks that have been fined in connection with misselling to reduce their bonus pools, especially for staff connected with the area causing the problem.

Almost £ 6 billion has been frittered away in compensation costs as a result of the misselling of payment protection insurance.

Risk Audit will be looking at the FSA’s actions in this area during next Monday’s Regulatory Update course.