UK financial regulator sends compensation missive to UK financial firms
LONDON - The Financial Services Authority (FSA) has issued another 'Dear CEO' letter to warn firms of their obligations under the new remuneration code of practice due to be incorporated into the regulator's handbook.
The new regulations will be implemented on January 1, 2010 "along the lines originally proposed, together with updated supporting principles", which the regulator says take account of comments received from the now closed industry consultation period.
The UK City watchdog says its measures are consistent with regulatory measures suggested by the G-20 Financial Stability Board and in alignment with regulatory developments in the US, Switzerland and the European Union.
The regulator also says it is not proposing to extend grandfathering arrangements for the new regulation to pay obligations entered into after the publication of its remuneration consultation paper on March 18, 2009.
Click here to read the paper.
More on Operational Risk
New systems and processes necessary to prevent illicit money flows
Due diligence should have raised investors’ suspicions
Firms could be prosecuted for failing to prevent economic crime
In 2013 SEC increased formal orders of investigations by 20%
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.