The UK’s new code on pay will give banks sufficient leeway to avoid wholesale changes to their bonus structures, but foreign lenders remain resistant to the rules amid concerns of an unlevel playing field with other countries, industry sources said.

Speaking to Financial News, Nick Studer, global head of finance and risk at consultancy Oliver Wyman, said that all of the 26 banks covered by the code could alter their bonus payout structures to comply with the Financial Services Authority's guidelines immediately if they were forced to do.