Netherlands Set to Scrap Bonus Caps for Some Banking, Fintech Staff

The lower house in the Dutch parliament approved a plan to scrap bonus restrictions for most financial sector staff, a major step in softening a rule that has long been excoriated by the industry.

A majority in the House of Representatives on Tuesday voted in favor of easing the current ceiling on variable pay for the bulk of bank and fintech staff. The change, which still needs another vote in the chamber and then Senate approval, would leave in place the cap for top staff known as material risk takers.