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Bankers will be able to spend their bonuses sooner under a proposed shake-up of remuneration rules established in the wake of the
2008 global financial crisis.
It follows Rachel Reeves’ Mansion House speech earlier this month, which saw the Chancellor
instruct regulators to do more to support growth in the believe that post-crisis
attempts to limit risk taking had gone too far.
The Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority on Tuesday proposed that most senior bankers should have their bonuses deferred by five years, rather than as long as eight.
Less senior bankers would have a four-year deferral period,
while part payment of bonuses would be allowed from the first year rather than the third.
Long deferral periods for bankers’ bonuses were designed after
the financial crisis to enable remuneration to be
clawed back by regulators in case of misconduct or bad decisions that only came to light years later.
The regulators’ proposals are subject to a consultation which will run until 13 March.
Consultation: Sam Woods is deputy governor of prudential regulation and
chief executive of the PRA
Sam Woods, deputy governor of prudential regulation and chief executive of the
PRA, said: ‘These proposals on bankers’ bonuses will support UK growth and competitiveness without undermining financial stability.
‘We should not return to the very dangerous pay structures that were commonly in place before
2008, but these proposals will reduce bureaucracy and support responsible risk-taking.’
The BoE and FCA said they now believed the existing deferral periods were longer than needed and out of line with other jurisdictions.
The removal of the ban on the payment of dividends and interest
means firms will no longer discount the value of instruments upon awarding them, according to the regulators,
enabling them to reduce their compliance costs.
Tight rules on bonuses had also encouraged banks to increase basic
pay for senior bankers, which was harder to cut than bonuses
when banks made heavy losses, the BoE said.
Sarah Pritchard, executive director for consumers, competition and international at the FCA, added: ‘These important changes
will remove unnecessary duplication of rules between the regulators, streamline the remuneration regime for firms, and further strengthen the reputation and competitiveness of the UK banking sector.’
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FCA branded ‘incompetent’
This week, a group of MPs and peers claimed the FCA
was ‘incompetent at best, dishonest at worst’.
In a report, the FCA was found to have suffered from ‘very significant
shortcomings’ in its ability to tackle fraud and other issues while
its leadership remains ‘opaque and unaccountable’.
Going for growth? Earlier this month Rachel Reeves instructed the BoE and
FCA to do more to support growth
An almost three-year-long investigation into the regulator, which gathered evidence from
175 whistleblowers, fraud victims and former FCA
staff, revealed a culture in which ‘dishonesty and deceit’
was commonplace.
The FCA is ‘widely seen as incompetent’, the
report said.
The All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services,
which authored the report, is comprised of around 30 MPs and a dozen peers
from the House of Lords.
The report concluded that the picture painted of the FCA ‘was not pretty’ and that
its investigation had uncovered ‘tragic tales of regulatory failure causing enormous financial and emotional distress’.
An FCA spokesman said: ‘We sympathise with those who have lost out
as a result of wrongdoing in financial services, however we strongly reject the characterisation of the organisation.
‘We have learned from historic issues and transformed as an organisation.’
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Affiliate links: If you take out a product This is Money may earn a commission. These
deals are chosen by our editorial team, as we think they are worth highlighting.
This does not affect our editorial independence.
Howdy would you mind stating which blog platform you’re using?
I’m planning to start my own blog in the near future but I’m having a tough time making a decision between BlogEngine/Wordpress/B2evolution and
Drupal. The reason I ask is because your layout seems different then most blogs and
I’m looking for something completely unique.
P.S Sorry for getting off-topic but I had to ask!
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Bankers will be able to spend their bonuses sooner under a proposed shake-up of remuneration rules established in the wake of the
2008 global financial crisis.
It follows Rachel Reeves’ Mansion House speech earlier this month, which saw the Chancellor
instruct regulators to do more to support growth in the believe that post-crisis
attempts to limit risk taking had gone too far.
The Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority on Tuesday proposed that most senior bankers should have their bonuses deferred by five years, rather than as long as eight.
Less senior bankers would have a four-year deferral period,
while part payment of bonuses would be allowed from the first year rather than the third.
Long deferral periods for bankers’ bonuses were designed after
the financial crisis to enable remuneration to be
clawed back by regulators in case of misconduct or bad decisions that only came to light years later.
The regulators’ proposals are subject to a consultation which will run until 13 March.
Consultation: Sam Woods is deputy governor of prudential regulation and
chief executive of the PRA
Sam Woods, deputy governor of prudential regulation and chief executive of the
PRA, said: ‘These proposals on bankers’ bonuses will support UK growth and competitiveness without undermining financial stability.
‘We should not return to the very dangerous pay structures that were commonly in place before
2008, but these proposals will reduce bureaucracy and support responsible risk-taking.’
The BoE and FCA said they now believed the existing deferral periods were longer than needed and out of line with other jurisdictions.
The removal of the ban on the payment of dividends and interest
means firms will no longer discount the value of instruments upon awarding them, according to the regulators,
enabling them to reduce their compliance costs.
Tight rules on bonuses had also encouraged banks to increase basic
pay for senior bankers, which was harder to cut than bonuses
when banks made heavy losses, the BoE said.
Sarah Pritchard, executive director for consumers, competition and international at the FCA, added: ‘These important changes
will remove unnecessary duplication of rules between the regulators, streamline the remuneration regime for firms, and further strengthen the reputation and competitiveness of the UK banking sector.’
RELATED ARTICLES
Previous
1
Next
Topps Tiles profits nearly halve as consumer demand remains…
Halfords could hike garage repair prices after £23m Budget…
Share this article
Share
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa
FCA branded ‘incompetent’
This week, a group of MPs and peers claimed the FCA
was ‘incompetent at best, dishonest at worst’.
In a report, the FCA was found to have suffered from ‘very significant
shortcomings’ in its ability to tackle fraud and other issues while
its leadership remains ‘opaque and unaccountable’.
Going for growth? Earlier this month Rachel Reeves instructed the BoE and
FCA to do more to support growth
An almost three-year-long investigation into the regulator, which gathered evidence from
175 whistleblowers, fraud victims and former FCA
staff, revealed a culture in which ‘dishonesty and deceit’
was commonplace.
The FCA is ‘widely seen as incompetent’, the
report said.
The All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services,
which authored the report, is comprised of around 30 MPs and a dozen peers
from the House of Lords.
The report concluded that the picture painted of the FCA ‘was not pretty’ and that
its investigation had uncovered ‘tragic tales of regulatory failure causing enormous financial and emotional distress’.
An FCA spokesman said: ‘We sympathise with those who have lost out
as a result of wrongdoing in financial services, however we strongly reject the characterisation of the organisation.
‘We have learned from historic issues and transformed as an organisation.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Learn More
Learn More
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
Learn More
Learn More
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Learn More
Learn More
Saxo
Saxo
Get £200 back in trading fees
Learn More
Learn More
Trading 212
Trading 212
Free dealing and no account fee
Learn More
Learn More
Affiliate links: If you take out a product This is Money may earn a commission. These
deals are chosen by our editorial team, as we think they are worth highlighting.
This does not affect our editorial independence.
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Howdy would you mind stating which blog platform you’re using?
I’m planning to start my own blog in the near future but I’m having a tough time making a decision between BlogEngine/Wordpress/B2evolution and
Drupal. The reason I ask is because your layout seems different then most blogs and
I’m looking for something completely unique.
P.S Sorry for getting off-topic but I had to ask!