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EU bankers could face €5m fines

Wednesday 1 June 2011 - by Nicola York

European bankers could be forced to pay fines of over €5m ($7m) for breaking rules on bonuses or for not declaring necessary information to regulators.

Sources at the European Commission say they are looking at the stricter requirements for banks as well as individual bankers, which would mirror the UK's tougher rules in this area, according to Reuters.

The draft document is said to include proposals for national authorities to have the power to fine banks by up to 10 per cent of turnover, while individual bankers could face fines of up to €5m or 10 per cent of their pay and bonus - whichever is higher.

This would override existing rules in national regulators such as Germany and Ireland which have much lower maximum penalties.

The UK does not have a cap on penalties which led to the Financial Services Authority imposing its highest ever fine last year for JP Morgan at £33m (€38m/$54m).


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