FSA revised pay code ‘tightens the screws’ on remuneration
New UK bonus rules are widened to cover thousands more investment firms
LONDON – Revised rules on bonuses paid by UK financial firms are more prescriptive than their predecesors and have broadened in scope. Previously applying to 27 large banks, they now cover more than 2,500 financial firms. The UK Financial Services Authority (FSA) has issued a consultation paper, Revising the remuneration code, to bring it rules into line with April’s UK Financial Services Act and legislation agreed by the European Union. The paper also increases the risk-based emphasis on
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