Interdealer broker Tullett Prebon is revamping its pay structure to link annual bonuses for its top executives to specific targets and objectives, an approach similar to that used by several big banks.

The changes, which were revealed in Tullett Prebon's annual report last week, will apply to the remuneration policy for chief executive John Phizackerley, who took over from well-known City figure Terry Smith last September, and finance director Paul Mainwaring.