Stories such as those about payment firm Revolut withholding bonuses have rightly left financial services employees concerned about the impact Covid-19 will have on variable pay. As lawyers specialising in acting for senior employees in financial services, we are yet to see an influx in enquiries from employees disappointed by their 2020 bonus awards even though the bonus season is now underway.

However, given the importance of this issue, it is a good time to look at the grounds on which an employee can challenge an award of no bonus or of one much lower than they were anticipating.