CARNEY TAKES AIM AT BANKER'S PAY IN WAKE OF SCANDALS (STA BREAKING NEWS and ARCHIVES)

by STANews , Monday, November 17, 2014, 13:02

Mark Carney, governor of the Bank of England, speaking in Singapore on Monday.

Bank of England governor Mark Carney has said it is time to look at clawing back the overall pay of bankers in the event of wrong-doing.

Speaking in Singapore, he said the claw-back should cover all pay, not just bonuses.

Mr Carney also said more had to be done to "help rebuild trust in financial institutions".

It follows revelations last week about fixing foreign exchange markets. This was no different to stealing, he said.

Pay was one of the main factors that put quarter-on-quarter reward before long-term stability and ethical behaviour, the governor said in his address.

"Standards may need to be developed to put non-bonus or fixed pay at risk. That could potentially be achieved through payment in instruments other than cash," Mr Carney said.

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http://www.bbc.com/news/business-30080920