FSA edict on bonuses to spark legal challenges - Telegraph: "Simon Morris, of CMS Cameron McKenna, said: 'The FSA has issued a stream of new guidances, speeches and letters but actually there haven't been any new rules. The bankers' contracts – even those with multi-year guarantees – were signed and agreed under the full recognition of the law. 'The FSA has no right to threaten sanctions against banks based on a new interpretation of their rules, rather than a new law.'"
Simon Morris forgets one thing.
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