Britain’s financial regulator published rules to rein in risky banker bonuses, while stopping short of conceding  mandatory proposals that would have deferred some awards.

Banks must comply with a Financial Services Authority code that tries to stop bankers from getting bonuses at high multiples of their salary, or bonuses guaranteed for more than a year, the regulator said today in London. The rules apply to about 27 U.K. banks after non British lenders were largely exempted from the requirements. The FSA said concerns from major banks on U.K. competitiveness prompted the changes.

“The FSA is determined that banks’ remuneration policies should be consistent with, and promote, effective risk management,” FSA Chief Executive Officer Hector Sants said in a statement. “Whilst there is general international agreement on the need for supervisory action on remuneration policies and practices, we will be the first major financial regulator to take this step.”

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