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The Government have taken robust action to tackle unacceptable bonuses. The Financial Services Authority has revised the Remuneration Code and new rules came into force on
In addition, the FSA has also introduced a remuneration disclosure regime requiring banks to issue a report containing qualitative information on pay policies and detailed aggregate quantitative information on the remuneration paid to significant risk takers. The new rules came into force on
The financial institutions in which the Government have a stake will be required to disclose information as required under the revised FSA Remuneration Code.