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Sants tells Tyrie he has to get banks’ OK to reveal pay details

SANTS
Sants: ’We think it is right to seek the consent’

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

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

In his response, sent last week, 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: “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 bet- ween £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.

Addidi Wealth director Anna Sofat says: “Joe Public is pretty fed up after bailing out, or supporting, these banks. I think if they do not consent to the information being disclosed they should be broken up and the risky bits should be left to go belly up.”

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