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Do as I say not as I do at the FSA

The Financial Services Authority (FSA) has today hit the headlines with news of a 40% increase in staff bonuses which now stand at almost £20 million. This is at a time when there is a general consensus across UK that the regulators have failed the UK financial sector and change is needed. While those in charge of the UK regulators will suggest that extra work and extra stress has been taken on board by many members of staff, surely this goes against the government's policy of not rewarding failure?

The FSA has been very quick to step forward and assume the role of main regulator across the UK for so many sectors and industries. With a significant increase in the budget and staff numbers expected over the next few years it seems as though the FSA is set to get stronger and stronger. This is all set against a background during which the UK financial sector collapsed, with very little warning, with the FSA standing accused of indecision and slow reaction times. Whether this is a little tough on the FSA, bearing in mind the increased business levels taken on over the last few months, is open to debate but many will be surprised to see the significant increase in bonus payments at this particular time.

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