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Bank Loan: UK banks label bonus rulings 'poacher's charter'

Senior sources at UK banks have labelled new bonus rulings as the "poachers charter" as it may result in the loss of key staff.

New regulations proposed by the Financial Services Authority would mean that firms could only offer guaranteed bonuses to new employees (who have been worked for the company for less than 12 months) in "exceptional circumstances".

This has been criticised by some British banks, who claim the new regulations will result in potential new staff being attracted to firms not bound by bonus restrictions.

"What if one of your people is offered a guarantee to start a new job, how do you retain that person if you are not able to make a similar offer?" a source told the Telegraph.

"It is a poacher's charter."

Later this week, the Committee of European Bank Supervisors is set to announce new rules on remuneration packages, with upfront cash bonuses set to be restricted to 20 per cent of the overall settlement.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800274892-ADNFCR

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