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Tory MP steps down from chair of Tullet Prebon pay committee

Conservative MP Michael Fallon has stood down as chairman of the remuneration committee for City brokerage Tullet Prebon, according to reports. 

Tullet Prebon hit the news earlier this week after pledging to help its London-based employees leave the UK to avoid the Treasury’s 50 per cent supertax on bonuses. 

Fallon held a seat on Tullet Prebon’s board but the firm had insisted that the decision was not politically driven.

He joined the board in September 2004 and is now listed on the firm’s website as a member of the audit, nominations and remuneration committees. Rupert Robson who joined the board in January 2007 is now listed as chairman of the committee. 


UK bank sector set to shrink

The UK banking sector will have to become smaller after the financial crisis because banks will be forced to hold more capital and safer assets according to the Bank of England’s monetary policy committee.


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  1. Great off you go! We’ll find some replacement.

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