UK's Chancellor Willing To Toughen Law On Bankers' Pay: Report

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In an interview to The Sunday Times, UK Chancellor Alistair Darling said he is willing to legislate a law that curbs banks from paying huge remuneration. He said, "If we need to change the law and toughen things up, we can do that."

He told Sunday Times, "The public is rightly concerned because the taxpayer has had to stand behind a number of these banks, and the whole banking system, in effect. So people want to make sure we don't get ourselves into this situation again. The FSA code is only part of our approach."

Last week, the FSA had introduced a remuneration code that demand large banks, building societies and broker dealers to follow remuneration policies consistent with effective risk management. Now firms cannot give its staff guaranteed bonuses for more than one year.

In an interview to The Sunday Times, UK Chancellor Alistair Darling said he is willing to legislate a law that curbs banks from paying huge remuneration to bankers. (Market News Provided by RTTNews)