Oliver Pawle, the former vice-chairman of UBS’s investment bank, is working on a scheme to persuade highly paid bankers to donate 10% of their salaries to charity and to get banks to reveal how many of their staff are doing so.
The Sunday Telegraph reports that the scheme – which remains in its infancy – has attracted the interest of Sir Philip Hampton, chairman of Royal Bank of Scotland, and will be rolled out to other banks before Christmas.
Pawle wants to persuade major City institutions to commit to encouraging all staff who earn more than £200,000 to give 10% or more of their gross income to charity.
The Association of British Insurers (ABI) says institutions are reluctant to invest in high street banks because of increasing risks and shrinking returns.
The trade group is preparing to deliver a hard-hitting report to the Parliamentary Commission on Banking Standards on behalf of its members who control £1.5 trillion assets and are among the bank’s biggest investors.