FSA boss in Davos attack on fat cats

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Financial Services Authority chairman Lord Turner, chairman voiced his concerns at the world summit in Davos after Royal Bank of Scotland awarded chief executive Stephen Hester a controversial £936,000 bonus for 2011.

"I completely understand the concern about very high bonuses, not just in banks but across industry," Turner told Sky News. "I do think it is a concern that the last 15 years have seen an extraordinary increase in inequality we talk about a winner-takes-all society, and it is the top 0.1% who have done peculiarly well."

His comments came as the City broadly welcomed the end of the stand-off between the Government and the board of taxpayer-owned RBS. Hester's annual bonus is just below the £1 million limit David Cameron had called for.

"Hester came in to clear up the mess and is steering RBS in the right direction," said Exane banking analyst Tom Rayner. "Hester is not Fred Goodwin. It's a dangerous game that is being played here as he could just walk away." Barclays chief executive Bob Diamond, also speaking in Davos, said that he expects bank bonuses to be down this year but defended the right of banks to "pay for performance."

"I think getting some of the emotion out of this is healthy," Diamond told CNN.