Bankers' pay 'should be revealed'

Britain's finance regulator wants stricter rules to govern the disclosure of salaries paid in the industry, as governments worldwide look for ways of clamping down on disproportionately high bankers' pay in the wake of the credit crisis.

The Financial Services Authority said yesterday it would ask financial companies to disclose details of their remuneration policies on at least an annual basis.

The move implements a new European Union law and rules agreed at the global level. The UK has already introduced a one-off tax on bonuses and will implement a four-year levy on banks from 2011.