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Page last updated at 07:38 GMT, Thursday, 13 August 2009 08:38 UK

FSA's new code 'is tough' says Sants

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Speaking on today's programme, Sants rejected accusations that the FSA's new code on banking remuneration is soft on City bonuses. He said that although the public was "rightly concerned" about the level of bonuses, it was not FSA's job "to place pay caps on individuals". And he denied that the FSA had been pressurised to water down the new code, adding that people wanted a tough regulator mandated by parliament.

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