Regulators will continue their efforts to reduce potential risks to the economy from non-bank parts of the financial system, such as fund managers, and suggested new rules on banker pay may be needed to curb excessive risk-taking, Bank of England Governor Mark Carney said in a speech in Singapore October 17.
Most pay rules have focused on bankers’ bonuses but new standards may also need to be developed for fixed pay and salaries.
Mr. Carney, who also heads the Financial Stability Board, an umbrella group for the world’s top financial regulators, said that considerable progress has been made in making the financial system safer but the job is not yet complete.
He was speaking after leaders of the world’s biggest economies endorsed the FSB’s proposals for tougher capital requirements to prevent future taxpayer bailouts of stricken banks.
“Does that mean the job of financial reform is complete? No,” he said, according to a text of his remarks.
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