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Dublin: 03.09.2010 09:32 AM
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Glenisk: Winning with organic food
Gerard Cleary of Glenisk, winners of the SFA National Small Business Awards 2010 talks about the growth of the Offaly-based company

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Leadership

No new bonus plans as yet - UK finance watchdog

08.12.2009
The UK financial watchdog said today it has no plans to introduce any new rules to curb the bonuses awarded to bankers or extend those rules to other firms outside of the financial sector, such as insurers.

In a statement issued today, the UK’s Financial Service Authority (FSA) said its new remuneration code governing bonuses for large banks, building societies and broker dealers would come into force on 1 January 2010.

It said it did not think it would be “beneficial” to make further changes to the new bonus rules now “as adjustments will be required to the existing code given the large body of European directives that contain remuneration provisions”.

The FSA is set to review the effectiveness of the new rules on bonuses in the financial sector in mid-2010.

However, many UK bankers will doubtlessly taking an active interest in the UK Chancellor Alistair Darling’s pre-budget report set to be delivered tomorrow.

There is growing speculation that Darling will announce new measures to introduce a windfall tax on bankers’ bonuses tomorrow.          

It is believed such a super-tax on bankers’ bonuses could raise over Ł1bn for the UK Exchequer, without initially damaging the profits of banks.

However, fears are growing that such a tax would see a migration of top bankers and financial institutions to rival financial centres, which could then hit the City of London’s bottom line.

 

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