UK regulators could gain authority to tear up bankers' contracts
The government of UK Prime Minister Gordon Brown will outline plans for reining in bankers' compensation deemed as encouraging excessive risk-taking. The Financial Services Authority would be given "powers if necessary to tear up contracts that would result in payments being made that would cause instability", said Chancellor Alistair Darling. The legislation would not apply to 2009 bonuses, however.
Times (London), The
| 16 Nov.
This story published in GFMA SmartBrief on 11/16/2009
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