The UK Financial Conduct Authority (FCA) has published its next steps to address non-financial misconduct within the financial services sector. With the publication of Consultation Paper CP25/18, the FCA signals its ongoing...more
PRA and FCA proposals to simplify bankers’ remuneration rules would relax certain key restrictions on bankers’ variable pay, giving banks more flexibility in remuneration design and improving their recruitment potential....more
The PRA and FCA have proposed new rules to integrate the UK’s remuneration regime and accountability regime under the SMCR more closely, including a requirement for firms to consider adjusting MRTs’ variable pay (using malus...more
PRA and FCA proposals to revamp bankers’ remuneration rules would reduce the number of in-scope material risk takers (MRTs), while enabling more MRTs to benefit from proportionality exclusions. Banks would have greater...more
The PRA and FCA are consulting on new proposals to simplify the UK remuneration regime and make it more proportionate for banks. Changes would reduce the number of material risk takers (MRTs) subject to the rules, simplify...more
12/5/2024
/ Bankers ,
Banking Sector ,
Compensation & Benefits ,
Consultation Papers ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Prudential Regulation Authority (PRA) ,
Remuneration ,
Senior Managers ,
UK ,
UK Regulatory Reforms
2024 promises to be another busy year in the regulatory remuneration space. Banks will already be thinking about changes to their arrangements now the bonus cap has been lifted. Here’s a round-up of what else is new – some of...more
PRA and FCA plans to remove the bankers’ bonus cap requirements have been accelerated, giving banks flexibility to depart from a strict regulatory cap with immediate effect....more
The PRA and the FCA have published a joint policy statement in response to their consultation proposals on removing the bonus cap requirements to strengthen the effectiveness of the banking remuneration regime. In this...more
The Financial Conduct Authority (FCA) has published a Discussion Paper (DP) (DP23/1) titled “Finance for positive sustainable change: governance, incentives and competence in regulated firms”, which explores a number of key...more
The Government’s plans to scrap the bankers’ bonus cap moved a step closer to reality this week, as the PRA and FCA published a consultation paper fleshing out how they propose implementing this change....more
Yesterday, the FCA published its latest “Dear Remuneration Committee Chair” letter addressed to remuneration committee (Remco) chairs of proportionality level one banks, building societies and PRA designated investment firms....more
Overview -
As part of its broader focus on diversity and inclusion, the FCA has published its final rules on diversity and inclusion on listed company boards and executive committees....more
The UK’s new Investment Firm Prudential Regime (the IFPR) for MiFID investment firms and Collective Portfolio Management investment firms (together MiFID Firms) took effect from 1 January 2022, and this includes new...more