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4 out of 5 large banks refuse to disclose remuneration data to FSA

Four high-street banks have refused to disclose information about remuneration requested of them by the FSA, according to chief executive Hector Sants.

Treasury select committee chairman Andrew Tyrie wrote to Sants in January asking the regulator to provide aggregated information on high-end executive pay. Sants subsequently wrote back to Tyrie saying the regulator would have to ask permission from the banks.

While giving evidence to the Treasury select committee on RDR today Sants was asked by Tyrie if the banks had “been helpful” in dealing with the regulator’s request.

Sants said: “Unfortunately, no is the short answer. Four of the larger banks, and by my definition we have 5 large banks, have declined to give the information. The FSA is trying to be as helpful as possible and so we do have some regulatory information, that as long as we give to you in aggregated form, we can so do.”

“I am in the process of writing to you to say what we can give you. In terms of collecting the additional information that we do not hold they have declined to release it. “

In his letter to Tyrie, Sants said it was right to ask permission of the banks as they may feel the figures were “sensitive” given the small data set.

Sants also told the committee that the abbreviated report into the failure of RBS the committee asked to be published was “broadly on track” and should be released by “within a few weeks” of the March deadline.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Isn’t it a disciplinary matter not to cooperate with the regulator?

    Surely the banks or the FSA could issue to the TSC, perhaps under a confidentiality agreement as regards naming individuals?

    The tail wags the dog!!

  2. When the FSA is more forth-coming with salary details then this may be a valid point.

    Until then just keep your noses out FSA!
    Normd’Plume makes a very valid point. It is a disaplinary matter not to cooperate with the regulator. Just ask MP’s and the Parliamentary commission that.

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