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Bank charges: Regulator chief backs tougher bonus rules

Bankers should not be able to cash in their shares for bonuses for up to a decade, according to the chief executive of the Prudential Regulation Authority (PRA).

Andrew Bailey, who is also deputy governor of the Bank of England, told the Daily Mirror that stopping bankers from cashing in their shares earlier could make it easier to reduce short term risk taking and to claw back bonuses if necessary.

He made these comments ahead of the release of a report from the Parliamentary Commission on Banking Standards, which is suspected to echo Mr Bailey's claim among its recommendations.

Banker bonuses have been a subject of discussion within the European Union as policy makers look to these to see if they can reduce risk taking within the financial sector.

So far it has been decided that bankers' bonuses should not exceed their annual salary but that this can be doubled if their shareholders agree.

Yet, in the UK, there is also a fear that bankers will increase wages to make up for their lowered bonuses.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801597614-ADNFCR

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