FSA publishes code of practice on remuneration policies

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LONDON - The Financial Services Authority (FSA) has published a draft code of practice on remuneration policies relevant to all FSA-regulated firms.

The aim of the code is to ensure firms have remuneration policies in place that are consistent with sound risk management, and do not expose them to excessive risk. It is not concerned with setting levels of remuneration, which the FSA maintains is a matter for boards of companies and their shareholders.

FSA chief executive Hector Sants says: "We have already outlined the work we have been doing on remuneration during the past 12 months. The code of practice we have published today is the next stage in that work and clearly lays out the framework we expect firms to adopt."

The FSA will consult on the code and further proposals for remuneration policy in March.

Click here for a copy of the code of practice.

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