A UK trade body for securities and investment industry professionals has called for bankers’ bonuses to be based on a wider range of factors – including complying with procedures rather than simply profit contribution – and is urging greater transparency in reporting of bonus payments.

The Securities & Investment Institute, a UK charitable body set up in 1992 that has more than 40,000 members, welcomed last month's calls from Hector Sants, chief executive of the Financial Services Authority, for banking chief executives to ensure their firms' remuneration schemes are appropriate.