COMMONS

Disclosure of banking pay

31 January 2011

Andrew Tyrie, Chairman of the Treasury Committee, has today written to Hector Sants, Chief Executive of the Financial Services Authority, asking for the FSA to provide more disclosure on executive remuneration at the “high-end” of the banking sector, in aggregate form.

 Andrew Tyrie said

“As we have heard in evidence to the Committee, without international agreement for disclosure of remuneration at the top level, the banks are understandably reluctant to release information which they consider may place individual firms at a competitive disadvantage.

I am today writing to Hector Sants to see if as much as possible of this information can be provided in an aggregate form, providing greater transparency, while meeting the banks’ concerns.”

Letter to Hector Sants, Chief Executive, FSA (PDF PDF 125 KB)

For more information about the inquiry please see:

Competition and Choice in Banking.

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