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FSA attacks the UK government

In a sign of the times and they fast changing UK regulatory environment, the Financial Services Authority (FSA) has today launched a ferocious attack on the UK government. Under pressure from all sides regarding the "watering down of regulations" regarding banking bonuses and remuneration packages the FSA has again repeated the fact that it is not up to the regulator to cap bonuses and remuneration packages.

Over the last few weeks it has become clear that many of the more outrageous threats issued by the UK government and the FSA regarding remuneration and bonus packages are potentially unlawful and unjust under EU regulations. As a consequence, the UK government is very keen to "pass the buck" to the FSA because ultimately it is very unlikely that future remuneration and bonus packages can be controlled to the extent that the government has already promised.

The UK government and the FSA have some time been very close with the FSA seen by many as the "mouthpiece" of the UK government. This despite the fact that the FSA is supposed to be independent of the government of the day as is the Bank of England. With the FSA already under the potential threat of closure if the Conservative party gain power at the next election, the future of the regulator does not look bright today.

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