FCA mounts defence after being blamed for Arm’s London snub

CHARLIE CONCHIE

THE FINANCIAL Conduct Authority

(FCA) yesterday mounted a defence of its role in the botched charm offensive on British chipmaker Arm after the firm shunned a London listing for New York. Onerous reporting rules required by the FCA were one of the reasons for the firm’s decision to float on New York’s Nasdaq exchange, the Financial Times reported this week.

FCA chief executive Nikhil Rathi told

MPs: “In the case of Arm, we were aware and the government indicated to us that this was a company of national importance.

“Therefore we engaged to look at our rules where there was a case for making modifications,” he said. “You can rest assured that we are very engaged on these issues.”

Arm’s decision presented a wider question for how much the UK should prioritise the development of its capital markets in public policy, he added.

Beazley’s error is particularly significant due to the fact it uses the ‘net asset value per share’ metric as its “central performance indicator”.

The payouts given to Beazley’s top execs are linked to their successes in boosting achieving growth in the ‘net asset value per share’ metric.

In a statement yesterday morning, the FTSE 100 company admitted it had made an “error” in its report, as

Great value skiing in the peaks of the Pyrenees it issued a correction to figures. The revised statement also saw chief exec Adrian Cox’s salary reduced by £138,464, to a total sum of £1.51m, and saw CFO Sally Lake’s remuneration dropped by £108,119, to £1.26m. However, a Beazley spokesperson told City A.M. that no real money was actually clawed back from its top executives.