View more on these topics

UK financial services commissioner stripped of bankers’ pay powers

Incoming European Commission president Jean-Claude Juncker is to cut pay policy from the role of the EU financial services commissioner, just a week after handing the job to the UK’s Lord Hill.

The Financial Times reports Juncker made the decision to deprive Lord Hill of responsibility for overseeing pay in the industry in a bid to appease MEPs who planned to block the appointment because Hill is considered too close to the interests of the City of London.

Instead, new EU justice commissioner Věra Jourová from the Czech Republic will be in charge of remuneration, including enforcing the cap on bankers’ bonuses.

Juncker’s original mission letter to Hill said he should “avoid wrong incentives for managers”, implying pay issues would remain in his remit.

Last week, experts told Money Marketing the appointment of the Conservative peer, whose portfolio includes financial stability, financial services and capital markets union, could signal the start of less regulatory intervention from Europe.

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