The PRA and FCA have published a joint consultation paper which sets out proposed changes to their remuneration data reporting requirements for banks, building societies, PRA-designated investment firms and IFPRU (Prudential Handbook for Investment Firms) investment firms (including other types of firms where they are included in the scope of consolidation of an institution for which data is to be collected).
In summary the PRA and FCA proposes to revise the:
- Benchmarking Report template to enable the collection of more detailed data, with additional business area data on remuneration broken down into different categories of staff and more information being disclosed about the form in which total fixed remuneration is delivered;
- existing rules on the High Earners Report. The proposed rules require those in certain entities (including banks, building societies and IFPRU investment firms) to submit data on all the employees with total remuneration of €1 million or more in a financial year for all subsidiaries and branches within a group based in the EEA or an EEA branch of a firm with its head office outside the EEA;
- High Earners Report template to introduce the collection of more detailed data with additional business areas added to ensure that the data is broken down into more categories of staff.
The deadline for comments on the consultation paper is 17 October 2014.
Following the consultation period, the PRA and FCA will publish a joint policy statement with final rules in November 2014.
View CP14/19 CRD IV –EBA high earners and benchmarking information report, 22 September 2014
