Bloomberg News

FSA to Let Building Societies Report Less Bonus Information

October 28, 2011

Oct. 28 (Bloomberg) -- Building societies holding capital from 50 million and 100 million pounds ($161 million) should face fewer rules on reporting banker bonuses, the U.K. Financial Services Authority said.

“In our view banks and building societies with capital resources between 50 million pounds and 100 million present a sufficiently low remuneration risk as to warrant tier three treatment,” the FSA said.

The watchdog proposed firms with as much as 100 million pounds of capital should be put in the third tier of its bonus- reporting requirements. Lenders that drop from tier two to tier three won’t have to inform the regulator about their pay structure.

The FSA is clarifying bonus guidelines introduced in December and seeking input on them from financial institutions. The agency applied the guidelines from the European Union to its revised bonus rules and separated financial firms into four groups based on their size.

To contact the reporter on this story: Ben Moshinsky in Brussels at bmoshinsky@bloomberg.net

To contact the editor responsible for this story: Christopher Scinta at cscinta@bloomberg.net


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