View more on these topics

Osborne seeks Euro ministers’ support on bonus disclosure

Chancellor George Osborne (pictured) will write to European finance ministers in a bid to garner support for European Union-wide common rules on the disclosure of bankers’ bonuses.

The decision to seek support from Europe follows a lobbying campaign from the City against a more transparent scheme that would see banks having to disclose details of bonuses worth £1m or more, according to the Financial Times.

Osborne decided not to implement the plan, which was detailed in a report from former Morgan Stanley International chairman Sir David Walker, after Walker warned Britain would be “mistaken” to act alone on transparency.

A spokesman said: “The chancellor will be writing to his EU counterparts to suggest new EU-wide transparency rules on bankers’ bonuses in line with Sir David’s recommendation.”

The decision means British banks will not face the new rules during the bonus rounds in February and March next year.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    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