FSA calls for curb on banking bonuses
Lord Turner, chairman of the FSA (Financial Services Authority), last night called for further curbs on banking bonuses ahead of the forthcoming G20 summer. After a relatively quiet period for Lord Turner, after his ill-advised comments regarding the UK banking industry, it seems as though the UK government and the UK regulator are back on the scene and looking for blood!
However, as yet there is no sign that the UK banks are willing to give in to various demands from regulators and governments and will indeed force them to add new regulations to the statute books. This could be a very difficult task for the regulators, who would have preferred a voluntary arrangement with UK banks, because of various legal loopholes which could be opened up.
Yet again it looks as though banking remuneration packages will be the flavour of the month and hit the headlines ahead of, during and after the G20 conference. Whether world leaders are using the issue to mask their own shortcomings in the short to medium term is another question which is open to debate.
Despite the fact that the G20 leaders have gone on the offensive regarding the worldwide banking sector, there are many areas of unfinished business from the last G20 conference.
Share this..
Related stories
UK Banks need help not revenge
As governments, regulators and heavyweights from the business arena continue to gang up against UK banks there is a feeling that revenge is on the cards and the banks will be the ones to suffer. However, while even the most loyal of bankers in the UK would agree that changes need to be made to the UK banking sector, we need to see remedies for the UK banking sector not revenge.
Whil...
John Lewis warns of bleak Christmas for UK retailers
When the likes of John Lewis, Marks & Spencer and other well-known UK high street stores suggest that Christmas will not be arriving in the UK retail sector we all really need to stand up and take notice. As consumers we all know there is very little spare funding at the moment with many struggling to pay energy costs, mortgage costs and general living costs.
We have also learned to...
More needed to get the economy moving
Prime Minister David Cameron has recently made claims that the UK is in a better financial position than it was back in 1930. He denied claims that the slump witnessed over 80 years ago was similar to that of now. He said: "We are obviously facing in Europe a difficult set of circumstances that is harming our growth and our prospects and its going to take time to fix. Frankly, Britain needs to...
Read MoreUK factory gate data surprises analysts
Amid hopes that factory gate prices were set to increase during June it appears as though they actually fell by 0.2% against an expected rise of 0.3%. The 1.2% fall year-on-year is the largest single fall for over seven years and has made many analysts think again about the prospect of a short to medium-term recovery in the UK economy.
It was also interesting to see that input price...
Will With Royal Bank of Scotland ever escape the stench of failure?
Since Royal Bank of Scotland hit the buffers last October there have been many changes at Scotland's leading bank although there have been many negative headlines across the world. Only in the midst of a recession was the culture and cost base of the bank opened up to the public, with many analysts and experts astounded at the way in which the operation had been run.
We saw Sir Fred...