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How employers should navigate the scrapping of the banker bonus cap

A pedestrian crosses the street in view of the City of London skyline
Photo: Hollie Adams/Getty Images

Mardi MacGregor, Fox Williams; Imtiyaz Chowdhury, Fox Williams

4 min read

Now that the cap has been removed, we look at the practical implications for banks, building societies and PRA-designated investment firms.

The Policy Statements issued by the PRA and FCA on October 24, 2023 provided for the cap on banker bonuses to be lifted with effect from October 31, 2023. This change applies to banks, building societies and PRA-designated investment firms. The government indicated in 2022 that it would take this

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