Unmasking the top earners ...and their accountants
The Financial Services Bill aims, in some clauses, at making banks publish more details about the pay of their best paid staff.
This, of course, is one of the measures government is taking in a bid to curb excessive risk taking and er, another credit crunch.
The only thing is that the drafting of the key clauses is a little bit loose, not to mention downright sloppy. IN fact, a preliminary reading seems to suggest that even if you were the personal accountant of a banker on stratospheric pay, you might have to disclose your own income.
I am told this won’t last long and once the bill is debated in the House of Parliament the clauses will soon be revised. But still, such loose drafting is pretty unpleasant. Clearly it was never intended to include the income of accountants and shouldn’t be allowed to do so. After all, they weren’t the ones responsible for the credit crunch. Strikes me that this is something that could have been ruled out in any decent early draft. Let’s hope the bill’s passage through Parliament sorts things out.