TSC writes on incentives: Sir Andrew Tyrie, Chair of the Treasury Select Committee (TSC), has written to Martin Wheatley in the wake of the fine on Lloyds Banking Group for failings relating to sales incentives. He points out that the changes recommended by the Independent Commission on Banking Standards noted the risks caused by remuneration incentives for sales staff. However, the Government and FCA's response would not address the failings that led to the Lloyds fine as the relevant staff would not be classed as "material risk takers". Martin Wheatley had said that to extend the Remuneration Code to sales staff would go beyond any international standards. However, he said FCA was considering introducing high level principles on remuneration for sales staff. The letter now asks for an explanation of the basis of the fine and for an outline of FCA's current plans. (Source: TSC Writes on Incentives)