On 17 December 2020, the FCA published Policy Statement 20/16: Updating the dual-regulated firms Remuneration Code to reflect CRD V (PS20/16).

The CRD V contains amendments to the provisions on remuneration upon which FCA rules for dual-regulated firms are based. In Consultation Paper 20/14: Updating the Dual-regulated firms Remuneration Code to reflect CRD V (CP20/14), the FCA set out proposals for amending the Dual-regulated firms Remuneration Code (SYSC 19D) and relevant non-Handbook guidance to reflect these changes. In PS20/16 the FCA summarises the feedback it received to CP20/14 and its responses to it. In PS20/16, the FCA sets out final rules on remuneration for dual-regulated firms and the revised versions of the relevant guidance documents. The new Handbook rules and guidance will come into force on 29 December 2020. Firms are required to apply the new rules and guidance from the next performance year starting on or after 29 December 2020. The PRA has already published its Policy Statement on CRD V.

The updated guidance consists of: