PracticeAuditAccountants caught up in bankers pay bill

Accountants caught up in bankers pay bill

Financial Services bill could force advisers to disclose their pay alongside banker clients

The City

Accountants could be caught up in government plans to crackdown on the pay
and bonus cultures in banks, both as financial directors, senior finance
department employees or their advisers.

The Financial Services bill proposes giving Treasury officials the power to
make regulations requiring the preparation of reports disclosing information on
the remuneration paid to officers and employees of a person who is an authorised
person under the Financial Services and Markets Act.

The Treasury can expand the new disclosure regime beyond quoted companies and
to employees who are not directors.

And a subsection lists those involved as “individuals who are officers or
employees” and “other individuals who have a prescribed connection with the
authorised person” and specifies these as “individuals who provide services, or
whose services are provided (directly or indirectly) to the authorised person”.

Notes to the bill state the clause “gives the Treasury power to expand the
disclosure regime beyond quoted companies, and to employees who are not
directors”. The notes also make it “clear that the Treasury is able to require
the disclosure of information in relation to remuneration given to individuals
providing services to an authorised person who are not employees of that person
“.

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