Bankers to get bonuses faster under rule change
Summary
New rules in the UK will allow senior bankers to receive their bonuses more quickly. The waiting period for full bonus payout has been reduced from eight years to four years. Regulators say these changes will keep bankers from taking reckless risks while making the UK more competitive.Key Facts
- Senior bankers in the UK can now get their bonuses faster due to a rule change.
- The waiting time for full bonus payouts has been shortened from eight years to four years.
- Initial bonus payments can start in the first year instead of the third.
- Regulators believe the new rules will discourage risky behavior by bankers.
- The UK previously removed an EU cap on bonuses, aligning more with places like New York.
- Sam Woods, head of the PRA, said the changes aim to cut unnecessary rules while keeping systems safe.
- The changes will take effect starting Thursday, preparing for the January bonus season.
- The UK government aims to make the country more business-friendly by reducing excess regulation.
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