FSA issues ultimatum to investment banks
by Gill Montia
Story link: FSA issues ultimatum to investment banks
The Financial Services Authority (FSA) is reported to have instructed investment banks with UK operations to keep bonuses in line with regulatory guidelines or risk having their licences revoked.
According to The Daily Telegraph, the regulator has issued “an extraordinary ultimatum” insisting that 60% of bonuses must be deferred, regardless of whether pre-existing contractual agreements are infringed.
Banks could therefore face legal challenges from disgruntled employees with pre-existing contracts while the FSA sidesteps legal issues and focuses on its role as a licenser.
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