Monday, 16 November 2009

Whoa: FSA being given power to "tear up" bonuses"

Chancellor, Alistair Darling (pictured), revealed that the FSA would be given the authority to scrap payouts if they posed a risk to the financial system, thanks to new powers to be unveiled this Wednesday in the Queen's speech.

It will come into force next year if the bill is approved by Parliament, and would apply to all British banks, as well as the British subsidiaries of overseas banks operating in the UK.

First they came for the bankers...