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+

Latest News

HR news today: Banks warned over long-term bonuses; National Audit Office fails public body accounts; Regional law firms’ cost-cutting measures

by Tara Craig 21 Jul 2009
by Tara Craig 21 Jul 2009

This Personnel Today news roundup includes:

  • Banks warned over long-term bonuses
  • National Audit Office fails public body accounts
  • Regional law firms take severe cost-cutting measures


Banks warned over long-term bonuses

The head of the Financial Services Authority (FSA) has said that banks which have agreed to pay staff a guaranteed bonus for more than a year risk heavy penalties.

In a letter sent yesterday to more than 40 financial services industry chief executives, Hector Sants said that using long-term guarantees to attract senior investment bankers could put banks in breach of the FSA’s new remuneration code. The new code covers all remuneration deals negotiated since the pay consultation opened in March, so bankers may see recently negotiated guaranteed bonuses revoked.

The FSA has come under fire for apparently failing to flag up the risk-taking that led to the current financial crisis. This week, the Conservative Party said that were it to come to power, it would axe the FSA.

Financial Times


National Audit Office fails public body accounts

The National Audit Office (NAO) has refused to approve the accounts of six public bodies, citing poor governance, unauthorised expenditure and a £155m loss of equipment.

The accounts of the Department for Work and Pensions (DWP), the Equality and Human Rights Commission (EHRC), the Treasury, the Ministry of Defence, Revenue and Customs, and the Home Office failed to meet requirements.

The DWP was criticised for having made an estimated £2.7bn of overpayments and £1.2bn of underpayments.

Amyas Morse, head of the NAO, said that he expected the pressure on the benefits system to worsen as the recession continues.

EHRC failed the audit for having made £323,708 of unauthorised consultancy payments. The commission and its leader, Trevor Philips, are also under fire from campaigners concerned that they are failing to appropriately address issues of equality. Three commissioners left this week over concerns about the organisation’s leadership.


Regional law firms take severe cost-cutting measures

Britain’s leading regional law firms, worse hit by the recession than their London counterparts, have been forced to take severe cost-cutting measures.

Dundas & Wilson (D&W), one of the oldest firms in Scotland, has asked its 659 staff to consider a 10% pay cut in return for an extra 18 days’ unpaid leave. Pinsent Masons, the second biggest law firm outside London, and Manchester’s biggest law firm, Halliwells, have already taken similar steps.

D&W staff will vote tomorrow on the cuts, which will affect all salaried staff – partners having already agreed to a similar cut, without the accompanying reduction in hours.

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.

Managing partner Alan Campbell said: “We have to balance forecast revenues with costs, but we are committed to retaining talent wherever possible.”

Times

Tara Craig

previous post
EHRC in turmoil as commissioners quit and accounts criticised
next post
Professions barred to all but wealthiest, says report

You may also like

Fire and rehire: the relocation question

22 May 2025

Public sector workers gain pay rises of up...

22 May 2025

UK net migration slashed by half in one...

22 May 2025

How neuroscience can unlock employee recognition

22 May 2025

UK universities fret over fall in international students

22 May 2025

HSBC employees warned of office attendance link to...

22 May 2025

The Law Society: Navigating the new world of...

22 May 2025

Workplace stress: Why it’s time to rebrand resilience

22 May 2025

Restaurant tips should be included in holiday pay

21 May 2025

Fewer workers would comply with a return-to-office mandate

21 May 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...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+