Euro Economies 'Out of Recession' ; Bonus Plans Not 'Diluted'

Summary

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THE head of the City's watchdog denied yesterday that proposals to rein-in bank pay had been watered down, insisting that a newly published code of practice was in some ways "tougher" than originally drafted.

Hector Sants, chief executive of the Financial Services Authority (FSA), also denied that the regulator had been pressurised to soften its new rules.

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Extract

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Euro Economies 'Out of Recession' ; Bonus Plans Not 'Diluted'

"This is a tough code designed to do what the FSA is required to do by Parliament." He said it was not the job of the FSA to limit individual pay for "social reasons", it was up to politicians to debate a cap...

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