News that UK regulators will not apply the EU's bonus-cap rules to smaller banks, brokers and hundreds of asset management firms has been welcomed by the UK fund managers' trade body.
The prospect of fund managers having to comply with the bonus cap from January 1 2017 - in which bonuses would be limited to 100% of fixed salary, or 200% with shareholder approval - had been raised in December 2015, when the European Banking Authority removed an exemption option.
