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7 April 2011
Bankers’ bonuses may hog the headlines, but the issue of remuneration cuts across the whole of the financial services sector. "This article outlines" the current challenges for the UK compliance community. This is the second edition in which Avantage Reply has contributed to the quarterly journal.
The issue of remuneration has received considerable coverage of late, with the big banks bemoaning the political and regulatory pressure to reduce bonus pools, and arguing that the requirement for deferrals and enlarged non-cash components in bonuses will increase costs as the basic, non-variable elements of pay have to be uprated in order to retain “talent”.
Indeed, base salaries in the City hit a four year high in 2010, according to recruitment firm Poolia; 17% up on 2009 levels and 25% higher than those in 2008. Moreover, some have noted a related trend towards individuals leaving larger “tier 1” firms in favour of “tier 3” firms, thereby avoiding the metric restrictions imposed on tier 1 bonuses by the FSA’s Remuneration Code (the “Code”).
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