The Financial Services Authority (FSA) is to publish a code later setting out how banks will have to change their policies on pay and bonuses.

财政管理局将要发布一项关于银行薪资和红利改变的政策。

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Specific details of bonuses being deferred are not likely to be included

The FSA launched a consultation²（请教，咨询） in February looking at measures to discourage excessive risk-taking.

However it is not expected to stipulate³（规定，明定） how bonuses should be structured - amid fears this may restrict competiveness.

There were suggestions last week that bonuses have been returning amid a boom in profits from investment banking⁴.

Redeployment concern

In March, a draft version of the remuneration（报酬） code included the specific suggestion that about two-thirds of bank bonuses should be deferred（延期的，缓召的） - so that they were only paid out for long-term success.

It also put forward the idea that rewards paid to individuals should at least partly reflect the overall fortunes of the business.

However, these clauses are not expected to be included, the Financial Times said, because such policies have not been adopted in the US or the European Union.

This has prompted concerns that institutions would simply relocate employees outside of the UK, to get round the guidelines.

FSA chief executive Hector Sants, writing in the FT, said the new guidelines were "designed to ensure that boards prevent management from introducing compensation policies that, in effect, subordinate（使……服从） the interests of capital providers to those of employees".