A new law will be introduced forcing banks to reveal how many of their employees earn more than £1m a year. One of the fundamental causes of the financial crisis was bad management but this new rule will cause a new code of stewardship encouraging responsible behavior instead of reckless-risk taking management caused by bonuses. However, this new regulation could harm the ability of banks to provide customers with proper financial services and lead to an increase in fees and charges. Foreign-owned banks will also have to show pay received outside the UK to avoid any circumvention of the rule.
Dries Vander Meeren
Source: http://www.guardian.co.uk/business/2009/nov/26/bank-pay-walker-report
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