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Now the FSA is joining the UK bonus culture

As the FSA and UK government attack the bonus culture which has been prevalent across the UK banking sector for some time, it has been announced that FSA staff are in line for a £23 million bonus with some employees also set to receive salary increases which would cost a further £10 million. While the word hypocrisy is used too often in the media, if there is a better example than the FSA bonus system then it has yet to be revealed!

The timing of the move to "realign staff salaries" and pay bonuses could not have come at a worse time leaving the UK consumer to believe the gravy train runs right through the heart of the UK economy. News of the increase in costs at the FSA comes just days after the regulator warned the UK financial sector that their regulatory levy is likely to be doubled in the short term. So who is regulating the FSA and who has authorised the "excessive" bonus system and salary increases?

The fact that the FSA has very close connections with the UK government would suggest that the UK Treasury has been involved at some stage with the increased payment to employees and the bonus system. If this is the case, how on earth can the UK government and the UK regulators attack the so-called bonus culture which is sweeping through the UK banking sector?

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