PARLIAMENTARY WRITTEN QUESTION
Banks: Pay (24 July 2019)
Question Asked
To ask the Chancellor of the Exchequer, what steps his Department has taken to cap large bonuses paid to bankers.
Asked by:
Sir John Hayes (Conservative)
Asked by:
Sir John Hayes (Conservative)
Answer
The EU’s Capital Requirements Directive IV introduced a cap on variable remuneration for senior staff and other key decision makers, applicable from January 2014. It is set at 100% of the individual’s salary, or up to 200% where both the Member State and shareholders agree. In the UK, this currently applies to firms with relevant total assets exceeding £15 billion, with the Prudential Regulation Authority and the Financial Conduct Authority responsible for ensuring firms comply with this requirement.
Answered by:
John Glen (Conservative)
3 September 2019
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