The Financial Services Act 2010 (c. 28) is an
Act of the
Parliament of the United Kingdom
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...
which regulates bonuses paid to employees of banks. It was announced on 27 September 2009 by
Prime Minister
A prime minister, premier or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. Under those systems, a prime minister is not ...
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British former politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. He previously served as Chance ...
on ''
The Andrew Marr Show
''The Andrew Marr Show'' is a Sunday morning talk show presented by Andrew Marr. It was broadcast on BBC One from 2005 to 2021.
The programme replaced the long-running ''Breakfast with Frost'' as the network's flagship Sunday talk show when Davi ...
'' on
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One. Brown said that the new law would be included in the next
Queen's speech
A speech from the throne, or throne speech, is an event in certain monarchies in which the reigning sovereign, or a representative thereof, reads a prepared speech to members of the nation's legislature when a Legislative session, session is ...
and was the result of talks at the
G20
The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, ...
summit in
Pittsburgh
Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...
where other countries were looking at similar action. He also said that the Act's purpose would be to ensure that bankers after the
global economic crisis do not go back to "business as usual".
Provisions
The proposed Act is expected to include penalties for banks that do not follow a set of standards for methods of remuneration.
See also
*
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
{{UK legislation
United Kingdom Acts of Parliament 2010