View more on these topics

Global disclosure call for bank bonuses

The Basel Committee of the world’s financial regulators has called for banks to disclose their bonuses in a new consultation paper.

The paper calls for banks to publish details on how pay is linked to performance, as well as total figures for different types of remuneration.

The new calls would cover the likes of top managers, risk management staff and “other material risk takers”. A consultation process is expected to conclude on February 25, 2011.

The paper says that the proposed requirements “will support an effective market discipline and will allow market participants to assess the quality of the compensation practices and the quality of support for the firm’s strategy and risk posture”.

The Committee said that previous, less detailed guidelines  had been applied inconsistently by different countries, making pay comparisons difficult.

The Committee says that details on how pay is decided and linked to performance would be assessed in the new structure, however it says it would have to rely on market and peer pressure for implementation of moderate pay levels.

Earlier this month, the Committee of European Banking Supervisors introduced new rules that will see only 20 to 30 per cent of bonuses paid in upfront cash.

Recommended

9

Miliband predicts “a year of consequences” for Britain

Labour leader Ed Miliband says 2011 will be “a year of consequences” for Britain as the coalition Government’s rapid deficit reduction efforts filter through to the economy. In his New Year message, Miliband accuses the Government of cutting the shortfall at an “irresponsible pace and scale”. Miliband says: “2011 will be a year of consequences […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Richard Brown, Managing Director, Moneynotion Limi 29th December 2010 at 1:12 pm

    From the mess they’ve made of the World’s financial system in recent years, I wonder if this is another chin-wag to make rules about making rules. “Basel Faulty?”

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com