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UK government set to extend FSA powers beyond banks

There are concerns this evening that the UK government is looking to extend the power of the FSA (Financial Services Authority), in relation to new salary and bonus regulations, beyond mainstream banks. It looks as though the government is looking to give the FSA the power to rip up legally binding employee/employer contracts if they do not abide by new bonus and salary regulations, for each and every company regulated by the FSA.

There is a growing suspicion that the UK government is using the situation with UK banks to railroad new legislation and regulations for the sector as a whole. Not once have we seen mention of the "living wills", bonus and salary situation being extended beyond the mainstream UK banks. However, today's developments will not be appreciated by the City of London which has taken the brunt of the criticism regarding the ongoing recession and been unable to fight back as yet.

On a more positive note for the City, it is highly unlikely that the vast majority of the regulations and laws introduced by the UK government in yesterday's Queen's speech will ever see the light of day. Many people believe it is a cynical ploy to "flush out" the Conservative Party and see exactly what they would support or not support.

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