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UK Removes Cap on Banker Bonuses

UK Removes Cap on Banker Bonuses

by Starling Insights

Starling Insights Editorial Board

Nov 06, 2023

Observations
UKRegulatory TrendsUK FCABank of EnglandUK PRACompensation & Incentives

The Bank of England and the Financial Conduct Authority (FCA) have formally lifted the cap on banker bonuses, a rule the EU introduced after the 2008 financial crisis.

The cap, which was put in place in 2014, limited banker bonuses to twice their annual salaries. The move to scrap it was initiated by the UK government to attract investment and shed EU regulations post-Brexit. The decision followed a lengthy consultation process.

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