Where am I? 
Home Investment Economics / Markets
Categories: Economics / Markets
Topics: | FSA| Hector Sants
FSA chief executive Hector Sants has rejected any suggestions the regulator should disclose details of bankers' remuneration.
At the end of January, Treasury Select Committee chair Andrew Tyrie wrote to Sants calling for disclosure of aggregated information on the pay of 'high end employees' at FTSE 100-listed banks and comparable entities.
In his response, Sants admits the FSA does collect some information on top-end remuneration, although he insists it is not the regulator's place to disclose this.
He says: "We would point out that this is sensitive information provided by firms to us for the purpose of our regulatory functions. Firms may consider even the aggregated figures to be sensitive, given the small data set.
"In view of this, we think it right to seek the consent of all the firms concerned on their 2010 remuneration awards before we pass this aggregated information to the Committee."
Tyrie had also asked for information on the number of people in the firms whose remuneration is equal to or more than the remuneration of the least well paid executive board member, although Sants has once again passed the buck onto the banks.
He says: "We have no power under the FSMA to compel firms to supply information where it is not required for our regulatory functions. Therefore, the firms will need to decide whether or not they are willing to participate in the exercise.
"We have given them strict assurances that we will not provide the Committee with any individual information."
In his original letter, Tyrie had suggested his demands were in line with those set out by Sir David Walker in his review of corporate governance in November 2009.
The government recently announced, as part of ‘Project Merlin', the major UK banks will disclose the remuneration details of the five highest paid senior executive officers below the level of executive director.
| Share | |
| Comment | Sants: Not our job to reveal bank pay deals |
More economics / markets news
Email alerts
Recommended reading
Categories
Topics
Comments
common sense
I am fed up hearing about Bankers Bonuses, they are not the only ones being highly paid for in a lot of cases not doing a very good job, but on the other hand there are those that are doing a good job and earning the vast profits which will eventually get us out of the mess they got us in-in the first place, in this country there are lots of footsie 100 companies that offer golden Hello's, golden goodbyes etc, and in a lot of cases as we have all seen not justified there existence, a bit like the fsa are trying to do, i can give examples of which you are all aware, some council bosses now being paid £250000 per year, head teachers £100000 and so on, its not the amount they are paid it is whether they can justify it that counts, i remember an article some years ago about a chap who was given a bonus of £500,000 and people were moaning about it then as they are now, the point they missed was that he had earned his company £10million extra that year, is all i can say is if we had a few more like him we could pay of our deficit sooner, this system for good or bad is democracy, the alternatives you can keep, remember the real culprits for this countries woes was the previous government, i remember a bookmaker saying to me 30 odd yrs ago, when Labour come in the money goes out, he has never been wrong on that one apart from the fact that no one could envisage the amount in there wildest dreams, come on you rich Bankers prove your worth your salt....or pay back your bonus
Posted by: Geoff
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Two months left before the ‘real RDR deadline’ – are you compliant with the required professional...
Viewpoints
Recent market uncertainty has seen extreme volatility in investment markets over the last...
sponsored by
Mr Sants
So the FSA has no authority to investigate how much the top earners at the Banks are earning surprise! surprise! Even though the huge bonus's and salaries would not have helped the economic decline of these corporations, which led us in to recession. But the FSA has the right to ban Financial Advisors from trading from Dec 2012 if they dont pass the necessary exams. Can someone explain to me where common sense has dissapeared to, i am just getting more totally dumbfounded,frustrated and dissulusioned with Mr Sants and the FSA. Has Mr Sants a banking background by any chance?
Posted by: Trevor