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Is the FSA giving in to the banks?

The Financial Services Authority (FSA) has today confirmed that the supposedly regulations to control banking bonuses and banking remuneration packages in the UK will be delayed for a further two months. The new rules have been expected to come in on 6 November 2009 but now they will come in on 1 January 2010. While the two-month delay may look pretty innocent on the surface, what really is going on?

In a definite sign of dumbing down by the UK authorities the two-month delay will allow UK banks and UK financial service companies to agree significant Christmas bonuses and new remuneration packages for 2010. As we have covered on numerous occasions over the last few days, the UK government has taken a backward step with regards to the introduction of these new regulations and has ultimately tried to pass the buck to the FSA.

The truth is that controlling bonuses and remuneration packages in the UK financial sector is tantamount to suicide because this is the hub of the UK economy and only the best banking minds will do for the UK sector. If banks are suddenly unable to dish out remuneration packages seen in the past then we could see a significant reduction in the quality of staff in the medium to longer term.

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