UK regulator to be allowed to “tear up” bankers’ contracts
The Financial Services Authority (FSA) is set to be given the right to "tear up" employment contracts judged to promote excessive risk-taking and to suspend banks that break the rules.
Jason Knauf, a Treasury spokesman, told CentralBanking.com: "There will be new powers granted to the FSA and it is part of a move into more intrusive legislation."
The proposals will be revealed in the Queen's Speech, a formal ceremony which marks the opening of the parliamentary session and sets out the
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