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The move comes after the intense lobbying and asset management companies and hedge funds who said that pay heavy restrictions could put at risk as a financial centre London's leading position. The FSA is certainly inclined to accept changes to the new code, which seeks to control the remuneration in the banking sector.

The ASP code that will be published before the end of the year, which will at least tell 40pc of premiums should be deferred if the amounts are lower than ￡ 500,000 amounting to 60pc if the premium is above this figure. A first draft of the code, published in the summer, also said that at least 50pc premiums should be paid in shares with a fixed minimum retention rule.

Financial non-Banque raised concerns service providers when the FSA proposed reforms, stressing that the partnerships did not share structures and because that they did step pose a systemic risk to the financial system they fail they shall not be bound by the same rules. The FSA now agreed to a "proportionate" approach, which means that the rules will be relaxed for smaller operations.

"We have expressed our views directly with decision makers such as Vince Cable, the Secretary of industry, Paul Tucker, the Deputy Governor of the Bank of England and superior to the FSA, people," said Daniel Pinto, partner management and asset management, Stanhope Capital Corporation Chairman and President of the New city that advises on matters of the financial sector initiative.

"We told them that we understood the purpose and relevance of proposed measures for banks but this proportionality should be applied with attention to the structure size and ownership of the companies involved.

"Proportionality should be applied, more independent asset managers should be excluded from the scope of the new regulation."

Initiative of the city of New wrote to the FSA in September highlighting concerns active management sector which employs thousands of people in the United Kingdom and manages the ￡ 150bn funds.

Mr. Pinto said that the sector was initially shocked by the proposals that follow a European directive on compensation.

Taken "we have been aback by the myopia of the European directive on premiums and its implementation at United Kingdom by pay code revisions", he said.

"We are very favourable for the FSA to promote effective management of risks." However, we felt the proposed amendments to the pay code might effect to big - bank groups who have been at the center of the crisis of 2008 - an advantage over smaller companies never pose systemic risk. ?

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