LONDON, March 14 (Reuters) - Shareholders in Britain's banksshould resort to using "big sticks" if they are serious abouttackling excessive pay at banks, a top regulator said on Friday.
Martin Wheatley, chief executive of the Financial ConductAuthority, told London's Evening Standard that shareholders havestarted to grumble about bankers' pay but only quietly.
"They are not really getting in there with big sticks,"Wheatley said.
"It is bizarre in a sense that banks just seem to be able topay more and their owners, the shareholders, seem to accept thatthey will take a smaller take of profits each year if the banksdecide to pay it to themselves," Wheatley said.
The European Union will cap bankers' bonuses handed out from2015 to no more than fixed pay, but several UK lenders like HSBC and Barclays are planning to give extramonthly or quarterly allowances to top up fixed pay and softenthe blow.
"It is not a good outcome, but it is legal within thestructure that was created," the newspaper quoted Wheatley assaying.