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Published on Nov 17, 2009
The Financial Services Authority (FSA) is to be given greater powers to deal with bank bonuses in this weeks Queen's speech. A Financial services Bill would give the FSA the authority to stop excessive payments and cancel any pay packages that reward unnecessary risk-taking Other proposed reforms include giving the regulator more time to instigate cases against individuals, and giving the FSA the right to discipline individuals rather than just fining the company. The bill will also enable disgruntled consumers to pursue class action lawsuits against finance companies.