The Financial Services Authority (FSA)†has revealed that staff will not receive pay rises this year.
The regulator, which has 3,000 staff at offices in London and Edinburgh, said it has not put aside funds for increases this year.
The bonus pot is also staying the same as last year, at 15% of the total salary pot.
A spokesman for the FSA said: “The executive took a number of factors into account when making this decision, including the current economic climate and salary trends in the marketplace.”
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