CITY VIEWS: WHO IS BEST PLACED TO REGULATE BANKERS’ BONUSES?
CHARLES PREWER | RFIB GROUP
“Ideally the banks would do it themselves. But some of them got too greedy and now it’s inevitable that someone else will step in, though they will never fully regulate bonuses. It should be the Bank of England overseeing this, not the EU. It’s the most undemocratic institution I can think of, and the rules have no grounding in the realities of banking.”
KEVIN WALKER | HW WOOD
“The bonuses are a completely commercial decision, and I don’t believe they should be regulated by anyone outside the companies. The EU’s decision to limit the amount of cash in a bonus isn’t a bad idea, but it’s one the banks should have come up with. They should be sensible enough to work something out themselves.”
RICHARD ELLISON | DEWEY & LEBOEUF
“I think it’s the place of governments to oversee any regulation. The banks have already had a chance to arrange something. The EU rules could be more effective, as they prevent competition between countries to attract companies with lax laws.”