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Bank claims: FSA plans to extend bonus rules

The Financial Services Authority (FSA) could extend current legislation on bonus restrictions to all financial institutions.

Currently, the rulings only apply to 27 major banks, building societies and broker dealers, but this could be expanded to cover 2,500 firms.

The regulations would see employees forced to defer a minimum of 40 per cent of their bonuses for at least three years, while this could rise to 60 per cent executives who receive over £500,000.

Furthermore, at least half of all bonus payments would need to be made in shares or other non-cash products.

The FSA claimed it had already seen success with its current code and aims to build on this in the future.

It said: "[The code] resulted in more demanding standards in a number of areas and has shifted the composition of remuneration structures to forms more consistent with effective risk management."

New guidelines could also be introduced to prevent banks from paying staff via alternative methods to avoid the new bonus caps.

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800008426-ADNFCR



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