From the ArcaMax Publishing, UK News Newsletter:
http://www.arcamax.com/news/uknews/s-575090-174697
LONDON (UPI) -- Britain's Chancellor of the Exchequer Alistair Darling
said some bankers have been "too complacent" about changing pay
structures that encourage risk.
In an interview, Darling said: "There are people who are too
complacent in my view. They need to be brought back to earth."
Darling said a proposal to reform banking regulations scheduled for
release next week would give increased authority to the Bank of
England and the Financial Services Authority, which have been engaged
in a territorial turf war as discussions of reform heat up, The
Independent reported Friday.
The White Paper of regulatory reform will include a proposal to give
the FSA regulatory power over hedge funds. The BOE's demand for
"richer and more frequent" public disclosures among financial firms
will also be included, Darling said.
Darling said the White Paper steered clear of mandated pay
restrictions. "You can't have a pay policy in legislation," he said.
But "every single director of a bank should ask themselves over and
over again whether they understand what they are doing that would be
disastrous for them and the rest of the world," he said.