Bonuses and reward schemes 'must tie in with long-term performance'

Date: 23/04/2009

The implementation of reward and recognition programmes must be subjected to proper controls following several high-profile cases of unregulated schemes at poorly-managed companies, it is stated.

According to Brian Capon, a spokesperson for the British Bankers' Association (BBA), there needs to be an official framework in place to avoid strategies such as self-service when creating a recognition scheme.

The expert said that guidelines published by the Financial Services Authority to cut down on questionable reward programmes ought to be adhered to, employing the same principles to the UK and Europe to prevent mismanagement of schemes which could make employees work for the wrong reasons.

He continued: "Big money bonuses have only ever applied to a very small number of staff but we believe in proper controls and sensible measures with rewards related to long-term performance."

The BBA is the principle trade association for banking in the UK, covering 218 members which fund its not-for-profit activities.

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