Financial services firms could still face strict curbs on remuneration, it has been revealed.
Think tank Compass has proposed a High Pay Commission, which would be given the task of restricting "excessive" reward packages.
If it is set up, the body would consider a number of proposals including higher tax for bonuses and maximum wage ratios, which would see the amount earned by top executives based on the salary of a firm's lowest paid workers.
Vince Cable, the Liberal Democrat shadow chancellor, is one of a number of high profile figures backing the scheme.
He said: "There is no justification for massive pay and bonus awards in financial institutions, the most important of which are guaranteed or owned or have been rescued by the tax payer."
The news follows the publication of the Financial Services Authority's (FSA) new code on remuneration.
Although welcomed by some, others claimed that the FSA did not go far enough.
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