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UK's Financial Services Authority is expected to issue code this week specifying how banks should change their policies on pay and bonuses, the BBC reported on Sunday.
FSA chief executive Hector Sants told the BBC that the new code will make it clear that institutions cannot calculate bonuses in a way that encourages unreasonable risk taking and puts the institution at risk.
Sants said one of the measures the FSA will be announcing next week is a requirement for all UK banks to produce a clearly articulated pay policy. The FSA will sign off on that, he said.
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