Bank group slams call for scrapping of cap on bankers' pay

A group representing bank officials has reacted angrily to a call from the Financial Regulator for the cap on bankers' pay to be scrapped.

A group representing bank officials has reacted angrily to a call from the Financial Regulator Matthew Elderfield for the cap on bankers' pay to be scrapped.

Mr Elderfield believes it is "a barrier" to encouraging fresh talent into the banks.