Mark Carney says bonus cap could be among tweaks made to financial regulations when UK leaves in March 2019The governor of the Bank of England has raised the prospect that, after Brexit, the EU rule which puts a cap on bankers’ bonuses could be scrapped. The bonus cap was introduced in January 2014 and was a reaction to the financial crisis when bankers received multi-million payouts despite huge losses. The cap on bankers’ bonuses has caused controversy in the UK from the outset. At the time Osborne had said “these are badly designed rules that are pushing up bankers’ pay, not reducing it”. Carney has also warned that the rules make it more difficult to penalise bankers, making it harder to cut bonuses for poor performance or misbehaviour.

Source: The Guardian November 29, 2017 19:30 UTC