banks

Bankers could see bonuses capped at twice their basic pay and forced to return "golden hellos" if they fail to perform, under draft European rules being drawn up.

The Financial Services Authority (FSA) has proposed a set of rules dictating how firms which sold payment protection insurance (PPI) must contact potential mis-selling victims to inform them of their rights.

The nationalisation and resale of Northern Rock will rake in a profit of up to £11bn for UK taxpayers, it was announced today.

The Advertising Standards Authority (ASA) has ruled that TV ads for Royal Bank of Scotland (RBS) and Natwest misled consumers.

Royal Bank of Scotland (RBS) chief executive Stephen Hester has revealed the clean-up of the bailed-out bank has so far cost £38m.

Bankers' pay and bonuses should be set by the bank's shareholders, not controlled by legislation, Angela Knight, the chief executive of the British Bankers Association (BBA) has said.

Banks should allow consumers to select the benefits they want with their packaged accounts to help combat mis-selling of the products, Defaqto has said.

The government should end corporation tax relief on pay and bonuses worth more than £262,000 per year to raise £1.7bn for the public purse, the Trades Union Congress (TUC) has said.

Labour leader Ed Miliband will next week launch an attack on bonus culture in all sectors by calling for a Commons vote on the practice.

Prime minister David Cameron today endorsed the bonus culture in banks whilst under pressure from the Opposition to tackle excessive pay.