Debate on the Address — [1st Day]

Part of Outlawries Bill – in the House of Commons at 4:41 pm on 18th November 2009.

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Photo of Christopher Huhne Christopher Huhne Shadow Home Secretary 4:41 pm, 18th November 2009

I am sympathetic to the right hon. Gentleman's case for the importance of bonuses in leading to potentially excessive risk taking, but I wonder whether he thinks it necessary to go as far as having new legislation, because the Financial Services Authority already has the power to increase capital requirements for financial institutions that, in its view, are taking extra risks. It could define that risk as including bonuses paid in the way that the right hon. Gentleman describes.

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