At the end of January, Treasury Select Committee chair Andrew Tyrie wrote to Sants calling for disclosure of aggregated information on the pay of ‘high end employees’ at FTSE 100-listed banks and comparable entities.

In his response, Sants admitted the FSA does collect some information on top-end remuneration, although he insisted it is not the regulator’s place to disclose this.

He said: “We would point out that this is sensitive information provided by firms to us for the purpose of our regulatory functions. Firms may consider even the aggregated figures to be sensitive, given the small data set.

“In view of this, we think it right to seek the consent of all the firms concerned on their 2010 remuneration awards before we pass this aggregated information to the Committee.”

Tyrie had also asked for information on the number of people in the firms whose remuneration is equal to or more than the remuneration of the least well paid executive board member, although Sants has once again passed the buck onto the banks.

Sponsored

Are your clients ready for the first Making Tax Digital reporting deadline?

Sponsored by BM Solutions

He said: “We have no power under the FSMA to compel firms to supply information where it is not required for our regulatory functions. Therefore, the firms will need to decide whether or not they are willing to participate in the exercise.

“We have given them strict assurances that we will not provide the Committee with any individual information.”

In his original letter, Tyrie had suggested his demands were in line with those set out by Sir David Walker in his review of corporate governance in November 2009.

The government recently announced, as part of ‘Project Merlin‘, that the major UK banks will disclose the remuneration details of the five highest paid senior executive officers below the level of executive director.