Banking: Bonuses

House of Lords written question – answered on 24th November 2010.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 19 October (WA 137), whether the Financial Services Authority or individual banks will be required to disclose amounts clawed back under banks' bonus arrangements.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The remuneration disclosure provisions in the revised EU Capital Requirements Directive include a requirement to provide information on the amounts of deferred remuneration reduced through performance adjustment mechanisms. The Financial Services Authority (FSA) issued a consultation document on 10 November 2010 outlining its proposals to implement these remuneration disclosure provisions. The FSA intends to have its disclosure regime in place by 1 January 2011 and relevant firms will be required make disclosures in respect of the 2010 financial year.

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