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PPI: FSA wants 'more details' over banker's pay

UK banks could have to provide the Financial Services Authority (FSA) with a more detailed breakdown of their staff's pay and bonus details.

Yesterday (November 10th), the industry watchdog revealed a raft of pay reforms which will come into effect in spring 2011.

Under the new proposals, British banks would be required to reveal the exact details of the remuneration packages they will award to senior staff, as well as workers who have a 'material impact' on an firm's risk profile.

The report would show how the funds were paid, deferred payments and any 'golden hello' or goodbye packages which are often stipulated in contracts.

Although big banks are required to report their total pay figures at the end of the year, they have never been forced to provide such a detailed breakdown to the FSA.

Earlier this week, it was revealed that Barclays had set aside a huge £1.6 billion bonus pool for its employees, with the majority of the funds set to be awarded to its Barclays Capital staff.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800231467-ADNFCR

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