Carney favours rules to regulate bankers' fixed pay

Singapore

REGULATORS may need to look at new rules to control the fixed pay of bankers as well as their bonuses so that it can be clawed back in the event of wrongdoing, the governor of the Bank of England (BOE) said on Monday.

Developed economies have brought in a series of reforms to financial sector bonuses in recent years, bringing in laws to defer when they are paid and the ability to take them back in the event of banker misconduct or excessive risk taking.