Treasury written question – answered at on 8 February 2011.
To ask the Chancellor of the Exchequer what recent progress he has made on limiting employee bonuses paid by large banks.
The Government have taken robust action to tackle unacceptable bank bonuses. The FSA Remuneration Code has been revised and now includes the world's toughest rules on deferral of pay and performance alignment and includes an explicit cap on the amount of cash payable upfront as part of a bonus. In addition, the new FSA disclosure rules will improve transparency of pay and facilitate better oversight. These new rules came into force on
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