July 22, 2020 / 11:50 AM / 23 days ago

Bonuses must reflect COVID hit to business, says UK financial watchdog

LONDON, July 22 (Reuters) - Banks must spell out how bonuses reflect the impact of the COVID-19 pandemic on their business, Britain’s Financial Conduct Authority said on Wednesday.

“During this time of uncertainty and change, we expect you to ensure that your remuneration policies and practices remain aligned with your firm’s long-term business plans,” the FCA said in a letter to the chairs of remuneration committees of the firms it regulates. (Reporting by Huw Jones; Editing by Jon Boyle)

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