House of Lords written question – answered at on 28 February 2011.
To ask Her Majesty's Government how they will assess the success of their proposals for reduced bank bonuses from levels that would otherwise have been paid in the absence of the latter figure.
As a result of the Government's discussions, the largest UK banks have made a commitment that the total remuneration paid in respect of the 2010 financial year will be lower than it was for 2009, and lower than it would have been otherwise. The remuneration committee chair of each bank will write to the Financial Services Authority (FSA) to confirm that the bank's commitment has been met.
Alongside this, the Government have taken robust action to tackle unacceptable bonuses including through the revised Financial Services Authority remuneration code, the new FSA remuneration disclosure rules, the bank levy, higher capital and liquidity requirements, stronger resolution arrangements, the Independent Commission on Banking and continued investigation of the costs and benefits of a financial activities tax.
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