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FSA comes under fire for £200,000 Christmas bash

At a time when the financial services industry is under severe pressure to reduce costs and reduce the amount paid to top executives it has been revealed that the Financial Services Authority (FSA) held at least three separate Christmas parties last year costing a total of £200,000. Quite how this can be justified against the constant criticism of the UK banking sector is a mystery as UK taxpayers are the ones who footed the bill.

The Christmas outlay comes at a time when the FSA is already under significant pressure after announcing multimillion pound bonuses to its staff. These bonuses are being paid at a time when the UK banking sector nearly collapsed with regulators attempting unsuccessfully to deflect any blame from themselves. In reality, the bonuses paid to FSA staff are just the tip of the iceberg with the Treasury and other regulatory organisations, who should have been watching the financial sector, also dishing out millions of pounds of taxpayer's money in bonuses.

At a time when the general UK public is struggling to survive, with many living on a financial knife edge, the news of further taxpayer expenditure on "non-essentials" is sure to cause more resentment across the UK.

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