LONDON, March 14 Shareholders in Britain's banks
should resort to using "big sticks" if they are serious about
tackling excessive pay at banks, a top regulator said on Friday.
Martin Wheatley, chief executive of the Financial Conduct
Authority, told London's Evening Standard that shareholders have
started to grumble about bankers' pay but only quietly.
"They are not really getting in there with big sticks,"
"It is bizarre in a sense that banks just seem to be able to
pay more and their owners, the shareholders, seem to accept that
they will take a smaller take of profits each year if the banks
decide to pay it to themselves," Wheatley said.
The European Union will cap bankers' bonuses handed out from
2015 to no more than fixed pay, but several UK lenders like HSBC
and Barclays are planning to give extra
monthly or quarterly allowances to top up fixed pay and soften
"It is not a good outcome, but it is legal within the
structure that was created," the newspaper quoted Wheatley as