Since its inception in 2016, the Senior Managers and Certification Regime (SMCR) has served as a cornerstone of the UK’s financial services regulatory landscape, designed to enhance individual accountability and raise...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