Bankers get bonuses much sooner as rules are relaxed

BANKERS will be able to collect their bonuses much sooner under a relaxation of remuneration rules unveiled by the regulator.

- By Simon Hunt

RED TAPE CUT: Sam Woods

Part-payment of the handouts for the most senior figures will be available from year one, rather than year three under previous directives.

The time that senior bankers must wait before receiving their full bonus will be cut from eight to four years.

According to the Prudential Regulatory Authority, the proposals bring the UK more closely in line with many other major jurisdictions.

They will come into force tomorrow, in time for 2025 pay awards and any other awards made but not yet fully paid.