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13/10/2016
FINANCIAL SERVICES
FSA urges banks to curb bonuses
The city regulator has warned Britain’s biggest banks that it expects to see widespread bonus restraint following the various scandals that have hit the banking industry, according to a report by the Telegraph newspaper.
In the letter, sent towards the end of last month, Andrew Bailey, head of the Financial Services Authority’s prudential business unit, said: “Ex-post risk adjustment will be a major area of focus in our 2012 review of the firm’s remuneration policies.”
He added: “Firms should also forfeit or reduce current year’s bonuses if appropriate.”
FSA tells City banks to claw back bonuses: soc.li/k8bZFUK via @telegraph
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