Labour pledges crack down on top pay

Labour has promised to give the FSA additional powers to crack down on executive pay in the financial services sector.

The party’s manifesto says that, if re-elected to form the government, Labour “will give the FSA additional powers if necessary to constrain and quash executive remuneration where it is a source of risk and instability”.

It says that financial institutions “cannot continue with the practices of the past. Radical change is needed.”

The manifesto, entitled “A Future Fair For All” also pledges to introduce a single regulator for consumer finance.

It says: “We will introduce a single regulator for consumer finance to restore confidence and trust with responsibility for the supervision of all unsecured lending being passed to the Financial Services Authority.”

And it says new rules governing how financial products are sold will be introduced with a crackdown on “unfair terms in contracts”.

And it says that Labour would maintain the number of police officers at what it claims record levels for at least three years. .