UK shareholder group calls for bank reforms

It can no longer be "business as usual" for UK banks when they decide how much to pay out in bonuses this year, an influential shareholder group warned today.

In a letter to all UK-listed banks, including Lloyds Banking Group, Barclays, Royal Bank of Scotland and HSBC, the Association of British Insurers (ABI) called for an overhaul of the way the companies determine pay packets.