Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Bank of England says it never supported banker bonus cap, amid calls to scrap it

Published 15/09/2022, 12:45
© Reuters. FILE PHOTO: Buses travel past the Bank of England (BoE) building after the BoE became the first major world's central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Melville

LONDON (Reuters) - The Bank of England (BOE) never supported a cap on bankers' bonuses and thinks there are more effective ways to ensure banks account properly for risks, a spokesperson for the central bank said on Thursday.

The comments from the BOE came after media reports, confirmed by Reuters, that British finance minister Kwasi Kwarteng is seeking to scrap the limit on bonuses in order to boost Britain's competitiveness.

"The Senior Managers Regime, the remuneration rules on deferral, clawback and malus are more effective tools for ensuring bankers take proper account of risks,” a spokesperson for the BOE said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.