On 25 February 2021, the PRA issued a statement on its website regarding an error it had identified in the Remuneration Part of the PRA Rulebook. The error related to the ‘higher paid material risk taker’ definition in Rule 1.3 in the Remuneration Part of the PRA Rulebook.

On 26 April 2021, the PRA issued Consultation Paper 9/21 ‘Remuneration: Correction to the definition of ‘higher paid material risk taker’ (CP9/21) which sets out a proposal to correct the error and align the ‘higher paid material risk taker’ definition with the PRA’s intention of continuing the approach outlined in Supervisory Statement 2/17 ‘Remuneration’. The deadline for comments on CP9/21 is 26 May 2021.