THE UK&rsquo;s &ldquo;big five&rdquo; banks have committed to rules on pay agreed at the recent G20 summit in Pittsburgh, the Treasury announced yesterday.<br /><br />State-backed Royal Bank of Scotland and Lloyds Banking Group, as well as HSBC, Barclays and Standard Chartered, issued a joint statement saying that they would &ldquo;work with the FSA (Financial Services Authority) in adopting these remuneration reforms&rdquo;. Santander UK is expected to sign up in the next few days.<br /><br />The agreement will see the banks apply G20 standards on disclosure of payments, bonus deferral and clawback, effective from 1 January 2010 for the current financial year.<br /><br />Chancellor Alistair Darling will now urge EU finance ministers to secure similar deals when he meets them in Sweden tomorrow, with France due to do so today.<br /><br />There was some surprise that Barclays had signed the deal, given its stated desire to be free to pay bonuses where necessary. But one observer said: &ldquo;They had to. The mood has changed.&rdquo;<br /><br />Tory shadow chancellor George Osborne said: &ldquo;The proof will be in the pudding when we see the scale of the bonuses that are paid out at the end of this year.&rdquo;<br /><br />The agreement came as the FSA said it would continue consulting on elements of chairman Lord Adair Turner&rsquo;s proposals for regulatory reform, after banks and industry bodies asked for more time. British Bankers&rsquo; Association chief executive Angela Knight said the FSA&rsquo;s plans needed to be costed first.<br /><br />&ldquo;The true cost of change needs to come with a comprehensive invoice attached,&rdquo; she said.