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Investing in Change: The Reform of Europe?s Financial Markets by Andrew Gowers

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4The impact of regulation on remunerationTOM GOSLING

Remuneration has been one of the most high-profile and comment-worthy fields of regulatory intervention over the past two years. But a survey carried out by Pricewaterhouse-Coopers (PwC) in 2008 found that only 13 per cent of respondents at financial services firms felt that regulation would be a major force for change in remuneration practices. The reality has turned out somewhat differently — regulators can claim, with some justification, that they have had a major impact on remuneration within the banking industry in recent years.

Forces for change

Regulators, although moving at different speeds, are largely aligned in recognising remuneration as an important issue of relevance to financial ...

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