FSA seeks City exemption from EU bank bonus rules - papers

The City watchdog is considering whether Britain can claim exemption from European laws that will introduce the toughest pay restrictions in the world.

Lawyers at the FSA are exploring the possibility of claiming that the UK financial services sector is already adequately regulated by its own Code.

A spokesman for the FSA told The Daily Telegraph: "We are considering the text and how it effects our own Code."

A sweeping majority of 625 to 28 Members of the European Parliament on Tuesday approved rules that will severely restrict bank pay.

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UK banking giants on Euro stress-test list

A list of 91 banks that will be subject to "stress-testing" across Europe has been published.

The UK's big four banks, HSBC, Royal Bank of Scotland, Lloyds and Barclays are on that list, along with fellow major European banks including Deutsche Bank and BNP Paribas.

The tests will assess whether Europe's banks are able to withstand future financial shocks.

According to the BBC, the FSA is confident the four UK banks already meet the stress test criteria.

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