Next time the FSA revises its remuneration code, maybe it should engage the services of a few former traders too?
When you eventually receive your bonus this year, both its size and shape are likely to be reflective of the efforts of the remuneration team at the FSA.
Ok, the UK regulator has had its hands tied by the rules specified by the Committee of European Banking Supervisors. Equally notably, however, it has applied these rules more rigorously than was strictly necessary.
Who, therefore, are the people responsible for the document that is the Revised Remuneration Code?
They include lots of career FSA and Bank of Englanders, some senior ex-Citigroup bankers, and a former head of HR at BarCap circa 1998. Sales and trading experience is notably lacking.
Here's an overview:
Tom Huertas
According to a spokesman for the FSA, Tom Huertas, director of the banking team, had overall responsibility for the new remuneration rules. Huertas has had lots of experience at Citigroup, but less experience in front office investment banking roles. According to his profile, he specialised in strategy and regulatory issues, was chief of staff for the vice chairman, and managing director of Citigroup Global Transaction Services.
Peter Hahn
Peter Hahn was an advisor on remuneration to the FSA. Like Tom, Peter heralds from Citigroup, where he was an MD and senior corporate finance officer for the UK.
Valerie Gordon-Walker
Valerie Gordon Walker is a senior advisor to Tom Huertas, with a particular focus on remuneration and governance. Valerie worked as the head of HR at BarCap until 1998 and then left to work as the head of HR at West LB. She subsequently worked for BP before joining the FSA in 2009.
David Raikes
David Raikes was manager of the remuneration project for the FSA. He joined when it was set up in 1998 after working for the Bank of England. Where he wrote part of this report on capital adequacy back in 1996.
Other FSA people who had a hand in the remuneration rules include: Karim Abdul (joined the FSA in 2004, no previous experience specified); Michelle Brostroff (only appears to have worked at the FSA); Lindsey Dawkins (only appears to have worked at the FSA); Peter Curtis (joined the FSA as a graduate in 2009); Jonathan Elvin (worked for the FSA, the Treasury and the Bank of England); and Su-Lian Ho (worked at the FSA, the Treasury and the Monetary Authority of Singapore).
