The chief executive of the UK’s banking trade body today called on other countries to “step up to the plate” and follow the country’s example in revamping rules on remuneration in the financial industry, warning that without “co-ordinated global action” the UK is in danger of losing its international competitiveness.

She was reacting to the Financial Services Authority's publication this morning of its long-awaited new code on financial sector remuneration, in which the regulator backtracked on some of its initial proposals concerning flexible bonuses, bonus deferment and the performance adjustment of deferred bonuses on the back of concerns from market participants.