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PPI Claim News - 3/2/2010

 
Bank Reclaim: Treasury pushes for stricter scrutiny on bankers

The city minister Lord Myners has urged fund managers to impose tighter scrutiny on banking professionals in a bid to curb large payouts.

On behalf of the Treasury, Lord Myners wrote a detailed letter to investors asking them to utilise their role to call for more transparency in the system.

He said that bonus schemes and remuneration policies are not in the best interests of the public and will fuel anger among taxpayers who have been forced to publicly bail-out the banks.

Lord Myners wrote: "Many banks have earned large profits this year from remarkably benign conditions, conditions created through the interventions by governments across the world.

"These profits must surely be retained by shareholders in the business as capital," according to the Financial Times.

The treasury's latest input into the banking debate comes after Lord Myners held a meeting with the G7 in London last week to discuss more stringent bank reforms.

He has widely been cited as standing in strong opposition to the "excessive" bonus culture.

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