FSA recommends adding remuneration guidelines to its Handbook
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LONDON - The UK Financial Services Authority (FSA) yesterday published a consultation paper arguing that its code of practice on remuneration should be included within its Handbook for application to large banks and broker-dealers.
The remuneration code has a general requirement for firms to effectively implement remuneration policies promoting effective risk management,. The remaining requirements are recommended for inclusion in the Handbook to provide firms with guidance for compliance to the FSA's principles-based regime.
The code applies to UK banks and building societies with regulatory capital in excess of £1 billion or subsidiaries of foreign institutions with regulatory capital of or equivalent to £20 billion.
The rules would also apply for other authorised investment firms holding in excess of £750 million UK regulatory capital, or whose total shareholder equity is in excess of £5 billion or equivalent.
The FSA says this means about 45 of the largest banks, building societies and broker dealers will have to comply.
The consultation paper can be read here.
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