The UK’s fund management community has welcomed the Government’s pragmatism in opting not to press ahead unilaterally with plans to force disclosure of banking bonuses above £1m and aim instead to promote greater international involvement before ringing the changes.

Banking bonuses have been in the public and regulatory spotlight since the financial crisis erupted, and a report last year by Sir David Walker, former Morgan Stanley International chairman, on corporate governance in financial institutions recommended major UK banks disclose the numbers of employees in remuneration bands above £1m.