Are more Brits heading for finance jobs in Hong Kong?

The revised compensation code from the Financial Services Authority (FSA) may have prompted fears of a "talent exodus" from the UK, it has been claimed.

In news that may interest Britons considering finance jobs in Hong Kong, Paul Clark, in an article for eFinancialCareers, said that under the code, the country's banks will "suffer most of all".

"The FSA's guidelines stand out as a draconian doctrine on pay, while the US, Asia and other European nations have paid comparatively little attention to the G20 remuneration guidelines set out last month," he explained.

Mr Clark added that as a result, some commentators believe that financial institutions will now have problems when it comes to attracting and retaining staff.

Now, many banks in the UK are being vocal about their displeasure at the watchdog's proposals, he continued.

George Osborne said during his first days as chancellor of the exchequer that the FSA would "cease to exist" in its current form, as he looks to change the current regulatory system residing over the UK's economic institutions.