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FSA warning to top UK bankers lacks the teeth to curb bonuses, says TUC

Commenting on the letter today (Monday) from the Financial Services Authority (FSA) to the Chief Executives of UK banks, advising them on remuneration policies, TUC General Secretary Brendan Barber said:

"Today's FSA letter does not go far enough to crack down on bonuses. Too much of it simply sets out boxes to tick, and it has no teeth. Voluntary codes have made little or no difference to soar-away executive pay.

"We take the rather old-fashioned view that bankers, like the vast majority of people at work, should be paid a proper wage for doing a good job, and should not require bonuses to get up in the morning.

"The FSA and the Government - who now own a great chunk of Britain's banks - should urgently outline how any new code will be enforced."


by In Wales (inwales aaat eurotrib.com) on Mon Oct 13th, 2008 at 11:29:22 AM EST
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