FSA warns global banks to rein in bonuses Andrew Bailey, head of the FSA's prudential business unit, wrote to bank chief executives in October warning them that it would be looking for evidence they had "clawed back" deferred bonuses from people involved in scandals. The newspaper did not disclose the names of any banks that had received Mr Bailey's letter. Mr Bailey also urged banks in his letter, sent to British and global institutions with a presence in the country, to consider firm-wide bonus reductions to account for the impact of the scandals, the FT said. Ex-post risk adjustment will be a major area of focus in our 2012 review of the firm's remuneration policies. Firms should also forfeit or reduce current year's bonuses if appropriate," the FT said, citing Mr Bailey's letter.