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Financial Institutions: Incentives

Treasury written question – answered on 9th February 2011.

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Photo of Graeme Morrice Graeme Morrice Labour, Livingston

To ask the Chancellor of the Exchequer if he will publish the names and company affiliations of employees of banks and financial institutions wholly or partially owned by the Government who have received bonuses of £1 million or more in 2010.

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

The Government have taken robust action to tackle unacceptable bonuses. The Financial Services Authority has revised the Remuneration Code and new rules came into force on 1 January 2011, requiring bonuses throughout the banking industry to be deferred and linked to performance and imposing a strict limit on the amount of cash payable upfront.

In addition, the FSA has also introduced a remuneration disclosure regime requiring banks to issue a report containing qualitative information on pay policies and detailed aggregate quantitative information on the remuneration paid to significant risk takers. The new rules came into force on 1 January 2011 and the banks will have to issue a report at least annually, starting in 2011 in respect of the 2010 financial year.

The financial institutions in which the Government have a stake will be required to disclose information as required under the revised FSA Remuneration Code.

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