British financial crime watchdog said putting banker pay at risk is better than caps
Britain’s financial crime watchdog has said
capping banker bonuses is not the answer to tackling what it
sees as "the second phase of the financial crisis".
Andrew Bailey, the chief executive of the Prudential
Regulation Authority, the UK body that fights financial crime,
said making bankers’ pay variable for a period was
preferable to capping pay.
"The bonus cap is the wrong policy, the debate around it is
misguided, and the best thing I can say about allowances is
that they are a response to a bad policy. They are not a good
solution," Bailey said in a speech.
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