THE new chairman of the main City watchdog yesterday warned that "very important questions" needed to be asked about the banking world's bonus system.
Lord Adair Turner, who started his new role at the Financial Services Authority on Saturday, said regulators had a right to ask whether banks were paying too much for "unreal" profits and trading practices that stored up problems for the future.
Turner was commenting amid reports that Barclays is set to honour a $2.5 billion (£1.4bn) bonus pot for US staff of Lehman Brothers, the American investment bank that collapsed last week and started off a week of global turmoil.
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