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Loan Protection: Majority of banks will not be subject to new bonus rules

The majority of UK firms will not be subject to new rules which will aim to restrict banker bonuses, it has been revealed.

The Financial Services Authority (FSA) has released an updated version of its regulations which shows that only major UK banks will have to comply with the guidelines laid out by the Committee of European Banking Supervisors (CEBS).

It means small businesses such as hedge funds and asset managers, as well as banks with small turnovers, will escape the rulings.

In the new remuneration code, major banks will have to curb the bonus packages awarded to staff up-front in cash.

Despite the change, all firms will have to ensure that any guaranteed bonuses will have to be issued across a whole company rather than specific divisions.

Those companies which are already subject to the FSA's existing code will have to comply with the new rules from January 2011, while companies who are coming into the regulator's code for the first time will have to do so by July.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800299560-ADNFCR

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