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Loan Protection: RBS and Lloyds should still be 'forced' to disclose pay details

Royal Bank of Scotland (RBS) and Lloyds Banking Group should still be forced to disclose their employee's salary details, it has been claimed.

The government has backtracked on plans to compel top UK banks to reveal a comprehensive breakdown of payments to staff who earn over £1 million, claiming that these rules should be implemented on an international scale.

However, corporate governance consultancy Pirc has claimed that the two taxpayer-owned banks should be required to disclose pay details, reports the Guardian.

Currently, UK Financial Investments controls the taxpayer's share in each of the two firms.

"They are the body responsible. UKFI should take up the running on this. They are effectively in control," Alan MacDougall, managing director of Pirc, told the news provider.

City investors have expressed their concern that, should RBS and Lloyds be forced to reveal their pay scales, they would be at a disadvantage compared to rival banks.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800261029-ADNFCR

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