Reuters: Regulatory News: UK banks regulator backs tougher bonus curbs-paper

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UK banks regulator backs tougher bonus curbs-paper Jun 11th 2013, 09:42 LONDON, June 11 | Tue Jun 11, 2013 5:42am EDT LONDON, June 11 (Reuters) - Britain's top banking regulator has said bankers should be stopped from cashing in shares from their bonus packages for up to a decade, the Daily Mirror newspaper reported on Tuesday. Andrew Bailey, deputy governor of the Bank of England and head of its Prudential Regulation Authority, was quoted as telling the newspaper he hoped bonus packages would be reworked. According to other media reports a UK parliamentary commission on banking standards is mulling recommending a delay of up to 10 years before shares in a bonus package can be cashed in. The commission's report may be published in the coming days, lawmakers have said, and Bailey's intervention would lend it heavyweight support. "I hope it will be looked at very seriously. It goes exactly with the grain of what we are trying to achieve," Bailey was quoted by the Mirror as saying. He also sits on the BoE's Financial Policy Committee which sets the tone for regulation. Under current rules, bankers have to wait up to three years before they can cash in shares received in a bonus. Bailey said a reduction in how much of a bonus can be paid in cash should also be looked at.

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