The UK Treasury Committee’s latest report on the financial crisis is right to highlight problems in the City’s rules and practices, said the British Bankers’ Association. BBA chief executive Angela Knight said the report was a helpful contribution to the debate on the future of the UK’s financial system, but warned that no other country uses “such pejorative language in its scrutiny of financial institutions”.
“The report helpfully distinguishes between the pay structures for the vast majority of high street bank staff and the very different approaches of some of the big investment banks. There is a clear need to get sensible structures in place which reward long-term performance, and to ensure that what we do in the UK is coordinated globally,” said Knight.
“The UK has a commendably open culture in scrutinising failings and acknowledging wrongs. Of course we need to put things right in the UK, but we also need to remember that what we say and do is being watched keenly by contenders for our business. Our financial services sector is a significant employer which pays significant taxes: we do not want to lose it to a competitor,” she added.
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