Banks: Incentives

Treasury written question – answered on 11th January 2023.

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Photo of Dan Carden Dan Carden Labour, Liverpool, Walton

To ask the Chancellor of the Exchequer, pursuant to Answer of 17 October 2022 to Question 61263 on Financial Services: Incentives, if he will take steps to conduct an impact assessment of the potential impacts of lifting the cap on bankers' bonuses, including on inflation rates.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

The removal of the cap is a regulatory change being proposed by the independent Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The regulators, as part of their rule-making processes, have undertaken (and published) their assessment of how removing the cap impacts their objectives and “have regards” and this describes the expected impact on individuals’ incentives.

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