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FSA warns banks about remuneration packages

Just 24 hours after the potential £9.6 million remuneration package for Royal bank of Scotland chief executive Stephen Hester was announced, the Financial Services Authority (FSA) has warned banks not to slip into the "business as usual" mode. Without specifically mentioning the Stephen Hester situation it would appear that a number of UK banks have moved into the staff recruitment sector in a very aggressive way.

Lord Adair Turner, the chairman of the FSA, was commenting at a Treasury select committee meeting today during where he was questioned about remuneration packages in the banking sector. He has expressed significant concern that the sector is apparently slipping back into the very lucrative remuneration packages we saw before the sector collapsed, something which the UK government and regulators have been at pains to avoid. Quite what he has in mind to try and bring the sector back into line is very much open to debate with many of the opinion there is very little that regulators and the government can actually do.

The best banking minds in the UK and in the worldwide market are very much in demand, even during this difficult period, and these particular individuals do not come cheap.

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