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Brown pledges to crack down on bankers

Prime Minister Gordon Brown has promised to give the FSA powers to quash bankers contracts if Labour is re-elected.

In a speech to the Royal Institute in London, Brown said Labour would be making a manifesto commitment to encourage responsibility in the banking system and he would crack down on anyone disregarding constraints on bonuses.

He said: “This year, we have seen a welcome reduction in the proportion of revenues global investment banks have paid out in bonuses but we need to ensure that this is a structural change, not a one-off response to public pressure.

“In our manifesto, our Financial Services Authority will be given powers to quash those contracts which incentivise reckless risk taking and instability. And if there is evidence to show that constraints on bonuses are being evaded, we will act.”

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