Responding to the EU Advocate General’s opinion on the EU bonus cap legislation, a BBA spokesman said:
“We continue to support the Treasury’s challenge to this legislation. There have already been sweeping changes made to the way that bank staff are paid since the financial crisis. Bonuses are smaller and staff are rewarded for making decisions that benefit businesses, shareholders and the broader economy.
“We believe that shareholders should be given powers to determine staff pay – not politicians. That’s why banks consult with investors before setting staff pay and shareholders also have the power to vote on the pay of senior bankers.
“We believe this law runs counter to recent reforms and will make the system less robust by incentivising firms to increase fixed pay. It also puts European banks at a disadvantage when competing with firms in other parts of the world.”Read more
Reacting to this morning’s announcement by the Competition and Markets Authority, BBA Chief Executive Anthony Browne said:
“All the banks will co-operate fully with this investigation. There are already substantial changes currently underway across the banking industry to strengthen competition, which improves choice and service for customers.
“Banks are pro-competition – they compete for business every day. This summer we published a series of ideas to help new banks set up and smaller players to grow. We hope these suggestions will be taken up by regulators and politicians.”Read more
Responding to the Financial Policy Committee’s review of the leverage ratio, BBA Executive Director Simon Hills said:
“The Bank’s proposals will provide the UK banking industry with a framework which balances safety with the need to keep lending affordable for businesses and individuals.Read more
Commenting on the latest Bank of England monthly Bankstats, BBA Chief Economist Richard Woolhouse said:
“The drop in mortgage approvals suggests that we are now experiencing a steadier housing market, which is no bad thing given previous concern about the pace of property price rises.Read more
Responding to the publication of the Bank of England’s Fair and Effective Markets Review consultation document, BBA Policy Director Andrew Rogan said:
“This review will be crucial in helping to raise standards and improve trading practices.Read more
Richard Woolhouse, Chief Economist at the BBA, said:
“A year ago there were many of us who were concerned by the heady pace of property price rises.
“Today’s figures suggest we are now experiencing a steadier housing market and that’s no bad thing.
“There’s also some encouraging growth in business lending amongst manufacturers and retailers which is pleasing to see.”Read more
Responding to the European Banking Authorities report on discretionary remuneration practices, a spokesman for the BBA said: “The British banking industry has made great strides in recent years to reform the way in which highly paid staff are remunerated.Read more
The BBA comment on ECOFIN’s agreement of a revised Directive on Administrative Cooperation 2 (DAC2), to integrate the OECD’s global standard for automatic exchange of financial account information for tax purposes into EU law.Read more
The BBA is launching a fraud awareness campaign as YouGov polling reveals that millions of people in Great Britain are unwittingly leaving themselves vulnerable to scams perpetrated by fraudsters posing as their bank.
The poll assessed customers’ responses to some of the common tactics used by criminals, over the phone, via email or via text. Based on the answers, the BBA calculates that people all over the country could fall foul of the most prevalent frauds around: