The UK’s financial regulator has dramatically expanded the number of companies that will be subject to tough restrictions on pay and bonuses, extending its rules to cover most hedge funds and investment managers as well as banks and building societies.
The Financial Services Authority, which has sought to set the global standard on responsible pay practices, is broadening the scope of its remuneration code from 27 large banks to more than 2,500 financial services companies, including the UK branches of many overseas businesses.
