MPs are set to back a proposal to loosen bonus rules for banks and fintech firms, clearing the way for higher variable pay for most staff in the financial sector, the Financieele Dagblad reported on Thursday.

A majority of MPs support a plan drawn up by the VVD, CDA and D66 to scrap the strict bonus cap for the bulk of employees, although the existing rules will remain in place for top executives and staff in key risk-related roles, the paper said.

The Dutch financial sector has been pushing for years to ease the bonus restrictions introduced after the 2008 financial crisis. Banks and fintech firms argue that the Dutch cap of 20% of fixed pay puts them at a competitive disadvantage, makes it harder to attract specialist staff.

Fintech companies such as Mollie and Adyen have warned that the Dutch rules make it more attractive to expand abroad.

Mollie founder Adriaan Mol has previously said that the social pressure to limit bankers’ pay “misses the point” when firms are trying to recruit technology specialists rather than traders.

The strict bonus regime was imposed after Dutch banks required tens of billions of euros in state support during the financial crisis. Since then, bonuses across the entire financial sector have been capped at 20% of fixed pay.

Under the amendment, the bonus cap would  apply only to employees who materially affect a firm’s risk profile. This includes bank boards, senior management and people in certain key positions, as well as to employees earning more than €500,000 a year in fixed pay.

A full bonus ban will also stay in place for top-level staff at ABN Amro and ASN for as long as the state retains a stake in those banks.

The Dutch banking association has welcomed the move, saying the current pay rules have long been “constraining” for financial firms. The change would allow banks and fintechs to compete for staff on a level playing field with other companies in Europe, the association said.

MPs are due to vote on the proposal next week.