A political drive to extend the EU bonus cap beyond the banking sector was stopped in its tracks yesterday as the bloc’s main legislative body narrowly voted against strict curbs on retail fund managers’ pay.
In a landmark European parliament vote that will come as a relief to the City of London, a controversial proposal to limit managers’ variable pay as a proportion of salary was voted down by a majority of seven.
The unexpected outcome checks the effort among some MEPs to replicate in other pending financial sector legislation the principle of the bonus cap for bankers, agreed by the EU this year against the protestations of the UK.
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