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Bank of England calls for fresh bonus crackdown

British banks are facing a renewed crackdown on bonuses, with the Bank of England (BoE) calling for directors' remuneration to be reined in ahead of the new year pay round.

The latest Financial Stability Report from the central bank, institutions were told to lengthen the incentive periods of directors from three years to between five and eight years.

Although it acknowledged that improvements to pay structures have been made since the financial crisis, the BoE said in its report that there is "further to go".

According to a report from the Centre for Economics and Business Research issued in early November, total City bonuses for 2012 will drop to £1.6 billion. This compares to £4.4 billion last year and a high of £11.6 billion in 2007.

The Financial Services Authority has previously warned that deferred bonuses should be clawed back this year following financial scandals involving the mis-selling of interest rate derivatives and payment protection insurance and the rigging of Libor rates.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801500010-ADNFCR

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