Banks: Pay

Treasury written question – answered on 12th November 2010.

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Photo of John Mann John Mann Labour, Bassetlaw

To ask the Chancellor of the Exchequer what guidance his Department has issued to banks on bonuses to be paid to bank staff in 2010-11.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The Government have worked closely with international counterparts in the G20 and the EU to develop reforms that ensure remuneration policies align incentives on firms' employees with the risks they take. The Financial Services Authority is revising its Remuneration Code to reflect the provisions of the EU's Capital Requirements Directive and new rules will be in place by 1 January 2011. In addition, the Government have introduced a levy that incentivises less risky banking activities and will continue to investigate the costs and benefits of a financial activities tax.

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