Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Your Shopping Basket
Total number of items: 0
Sub total: £0.00
Go to Checkout
Our Birmingham Shop
Our Bristol Shop
Animators Survival Kit

FSA: Not up to us to cap pay

14th August 2009

The head of the Financial Services Authority (FSA) has said that it is up to society to decide whether pay in the sector should be capped and not the regulator.

Speaking to the BBC in a radio interview, Hector Sants said the FSA's responsibility was to ensure pay settlements did not undermine the viability of banks as a sustainable enterprise - but that individual levels were a matter for the government and society itself.

Distancing the regulator from the public anger concerning banking bonuses, Mr Sants said it was 'misleading' to criticise the FSA over a perceived lack of action.

Instead he insisted it was for the government to act, saying they 'must decide if they wish to single out bankers as different from other people', adding that the 'current consensus' was that pay caps were not set for individuals by the regulator.

'It would not make sense to debate it for bankers alone. It's a wider social issue,' he added.

The question of banker pay has come under intense scrutiny in recent months following the collapse of Northern Rock and subsequent turmoil that a number of Britain's other high street lenders experienced.

News that Northern Rock - now state-owned - has recently begun paying out bonuses again to its staff provoked public anger, with critics arguing that the failure of the financial system should not be rewarded.

Latest Blog
The Lost City of Z and other Explorers' Tales
23/03/2017

As the film is released of The Lost City of Z, we take a look at other Explorers' Tales.

Sally Emerson Relives Her Life
21/03/2017

Are the novels Fire Child and Heat still shocking? They certainly are, says their author Sally Emerson, six of whose novels are being republished this year.

How Eating Well can lead to Living Better
20/03/2017

Myles Hopper describes how and why the pair became preoccupied with healthy eating.

View all Blog Entries
Twitter
Show/Hide Tweets
© W&G Foyle Ltd