Bank of England proposes relaxation of restrictions dating from financial crisis
Senior bankers in the UK will receive their bonuses faster and fewer will have to wait several years to receive their payouts under plans set out by the Bank of England on Tuesday. The proposals, which include allowing bankers to earn dividends on share-based bonuses while they are deferred, are a sign of regulators responding to political pressure to support risk-taking and economic growth.
The FCA plans to remove some pay rules from its handbook that duplicate those of the PRA, which the regulators said would “help firms as they will largely only need to refer to one set of remuneration rules”. The announcement came weeks after chancellor Rachel Reeves told the annual Mansion House dinner that rules drawn up after the 2008 crisis had “gone too far” and were stifling growth and risk-taking.
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