- The removal of the bankers’ bonus cap is now confirmed as part of UK financial rule changes post-Brexit.
- Initiated by former Chancellor Kwasi Kwarteng, the move is aimed at making London more attractive for business.
- The bonus cap, introduced in 2014 within the EU, was designed to limit excessive risk-taking in finance post-2008 crisis.
- Some in the banking industry may not welcome the cap’s removal, as they’ve adjusted to higher basic salaries.
- Regulators argue that they have alternative measures, such as bonus deferrals, to mitigate risks associated with higher bonuses.
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September 20, 2024
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