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gruffydd

Fsa Backs Light-touch Regulation - Backing Away From Regulating Banker Pay

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As banks seem to act like casinos why not treat bonuses the same?

No bonus until loan is paid back, fine if the the loan is not paid back.

Simples.

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http://ftalphaville.ft.com/blog/2009/08/12...-bank-pay-rules

The UK’s Financial Services Authority has backed away from specific recommendations on how bankers’ bonuses should be structured for fear they could undermine the UK’s competitiveness.

No surprises there then.

The banks have the B of E and government in their hip pocket. The banks are free to hoover up as much money from the public as they like. Higher margins between savings and interest rates, exorbitant charges, larger mortgages mean more interest over longer terms. The UK public are obviously happy with this.

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http://ftalphaville.ft.com/blog/2009/08/12...-bank-pay-rules

The UK’s Financial Services Authority has backed away from specific recommendations on how bankers’ bonuses should be structured for fear they could undermine the UK’s competitiveness.

Hardly surprising. There are 500 banks in london and majority of the foreign. Not much chance of stopping them all paying bonus's and therefore pointless trying to stop a few.

Edited by dalkent

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and there pointless trying to stop a few.

Sorry but that does not make any sense to me.

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I'm afraid this is a case of I told you so... the FSA was never going to regulate the financial services industry, banking, mortgages as people hoped they would... they made some noises in keeping with the feelings at the time but now that everything has calmed down a little we are pretty much back to where we were I suspect... hedge funds are still here, bankers are still getting yearly bonuses rather than deferred bonuses, mortgages are still lent on affordability rather than a fixed income multiple etc etc. whatever the roghts and wrongs of what they could have done, that they weren't going to rock the boat was pretty clear at the outset.

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Of course!

Lord Turner's FSA owes HSBC and Lloyds £200,000,000.

He's hardly likely to limit their bonuses and his gold-plated pension package now is he?

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