The pay award sparked anger across the political spectrum with one Lib Dem minister calling for Mr Hester to waive the payment and the Mayor of London, Conservative Boris Johnson, urging the government to "step in".

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Only those who file for and receive a lump-sum payment later in the year will waive their right to litigate.

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In order to challenge the fine, I was told that I would have to waive the opportunity to use the early-payment discount - worth 50% of the fine.

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