Banks should have remuneration practices and incentives which are designed to encourage behaviour that supports sound banking practices and good outcomes for customers; and that’s for all their executives and employees.

In addition to reviewing payments for selling retail banking products like mortgages, credit cards and deposit accounts, banks will develop overarching principles on remuneration and incentives for all staff and apply these through their internal policies.

These principles will be developed with reference to the findings of the independent remuneration review and will be published by December 2017.