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FSA will seek banks’ permission to disclose pay to TSC

FSA chief executive Hector Sants has written to Treasury select committee chairman Andrew Tyrie saying the regulator is willing and able to disclose bankers’ pay, but will seek permission from the banks first.

Last month, Tyrie wrote to Sants (pictured) asking him to disclosure the remuneration of highly paid executives at UK banks.

In his letter of response, sent yesterday, Sants says the regulator is allowed to publish aggregated information that it collects as part of its supervisory work, but only in a way that does not identify particular firms or individuals.

Sants says: “The Financial Services and Markets Act allows us to publish aggregated information derived from supervisory data in circumstances where it is not possible to ascertain information relating to particular firms or individuals.

“Firms may consider even the aggregated figures to be sensitive given the small data set. In view of this we think it is right to seek the consent of all the firms concerned.”

Tyrie asked for the information in a banded form, as proposed by the Walker Review, which would reveal the number of people earning between £1m and £2.5m, £2.5m and £5m and in £5m bands thereafter.

Sants says the regulator does not hold the information in such a detailed form.

Tyrie also asked for information on how many employees within banks earn more than the least well-paid board member.

Sants says the FSA does not hold this information and it will ask firms to supply it, though there is no compulsion for them to do so.


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