Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

BonusesBusiness performanceLatest NewsEconomics, government & businessPay & benefits

FSA tightens bankers bonus rules to include all high-earning employees

by Personnel Today 11 Jan 2010
by Personnel Today 11 Jan 2010

Bankers earning more than £1m a year face a new bonus clampdown by the Financial Services Authority (FSA).

The City watchdog has proposed to expand its code on pay so that any employee of a UK bank who earns more than £1m will be forced to defer 60% of their bonus for three years.

The move by the FSA is expected to effect up to 5,000 bankers.

Under the FSA’s previous guidance, the regulator said it would only impose these restrictions on those with a direct involvement in the running of a firm. This affected bosses earning more than £500,000 but did not include traders and other executives.

The bonus clampdown by the City watchdog follows attempts by banks to make big cash payouts to top earners by claiming they were not “significant persons” under the FSA definitions.

The £1m figure includes total salary and bonuses, but only the payment of bonuses will be subject to deferral.

It is though the new guidelines could provide an extra incentive for banks to raise salaries rather than pay big bonuses, the Times reported.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

Meanwhile all bankers’ bonuses worth more than £25,000 will also be subject to a 50% one-off tax by the government, announced in the Pre-Budget Report.

City banks are expected to pay out in excess of £40bn in salaries and bonuses over the next two weeks, despite a government tax aimed at curbing excessive bonuses, the Guardian has reported.

Personnel Today

previous post
My best and worst decisions: Graham White, HR director, Westminster City Council
next post
On the move: Liz Willis, Jackie Richardson, and Ludivine Stagnaro

You may also like

Personnel Today Awards 2025: Final deadline on Monday

20 Jun 2025

Seven ways to prepare now for the Employment...

20 Jun 2025

Sniff a lemon on World Productivity Day and...

20 Jun 2025

Employees want more upskilling and apprenticeships to narrow...

20 Jun 2025

NHS pay disputes: Who could strike again?

20 Jun 2025

BBC Breakfast bullying and misconduct allegations under investigation

20 Jun 2025

AI company did not racially discriminate against Chinese...

20 Jun 2025

Financial analyst guilty of insider dealing while WFH

20 Jun 2025

Only a third of recruiters receive high-quality job...

20 Jun 2025

UK job market shows signs of resilience

20 Jun 2025

  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more
  • Preparing for a new era of workforce planning (webinar) WEBINAR | Employers now face...Read more
  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+