|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Thursday 01st of April 2010
|  Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |
November 26, 2009    

Banks will be forced to disclose £1m+ earners

Bookmark and Share

by Kay Murchie

A set of tough pay regulations are to be introduced which will see UK banks forced to publish the number of employees earning more than £1 million per year.

The Walker Review, published by Sir David Walker, is also proposing to provide the Financial Services Authority (FSA) the authority to curb any pay deals in the banking sector that it deems to be excessive.

The Government said it will now move to implement Sir David Walker’s proposals.

In a statement, Chancellor Alistair Darling, said: “Sir David’s proposals are the blueprint for how banks must be run in the future… The Government strongly supports his recommendations and will take steps to implement them as soon as possible.”

In addition, banks will have to limit the minimum bonus deals of senior staff to just one year, under new FSA rules coming into force at the start of next year.

In his report, Sir David said: “The fundamental change needed is to make the boardroom a more challenging environment than it has often been in the past.

“This requires non-executives able to devote sufficient time to the role in order to assess risk and ask tough questions about strategy,” added Sir David.

However, the new rules will no doubt be met with criticism from the UK’s banks since Sir David’s original proposals on remuneration met with a deluge of complaints from the City.

Discuss this in the Finance Markets forums

Story link: Banks will be forced to disclose £1m+ earners

Related financial stories to: Banks will be forced to disclose £1m+ earners:
Previous: « US dollar continues to be a turn off for investors
Next: Borders UK placed into administration »

Visited 784 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: £1m+, , disclose, earners, , , implement, , , Sir David Walker, Walker Review