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Bank charges: FCA says new bonus cap could lead to pay rises

The draft bill for a new bonus cap could result in pay rises for bankers, warns the Financial Conduct Authority (FCA).

At a conference the regulator's chief, Martin Wheatley, said that last time the EU tried to cap bonuses for middle-ranking staff the amount of pay they received went up by 100 per cent. He feared that this will happen again.

Previously, it was agreed under EU reforms to banking that bankers' bonuses should be capped in comparison to their salary at a ratio of 1:1 or double if their shareholders approve.

Concerns were raised after it emerged that the European Banking Authority had put through proposals to cap the bonuses of people earning over €500,000 (£420,000), considering them to be material risk takers.

The PwC said that this would see as many as ten-times more London bankers working in investment affected.

Exact details on the proposals are due to be released shortly.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801588159-ADNFCR

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