By Marcus Leach

The Association of British Insurers (ABI) have called for a 'fundamental shift' in pay levels at banks.

Otto Thoresen, ABI's director general, said in a letter that the balance between employees and shareholders had become 'inequitable' and called on banks to not pay executives when share prices fell.

"It can no longer be business as usual for this remuneration round," said Mr Thoresen.

He went on to say that ABI members were 'expecting to see significantly lower bonus pools and individual awards given the current market circumstances'.

Mr Thoresen said that bank executives should be paid in relation to the shares held by insurance companies, a move that would benefit both shareholders and employees.

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