United Kingdom

Topic: Remuneration

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House of Commons Sub-Committee letter on PRA CP8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’

On 23 November 2022, the House of Commons’ Sub Committee on Financial Services Regulation (the Sub-Committee) published a letter by its interim chair, Angela Eagle, regarding PRA Consultation Paper 8/22 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’ (CP8/22). The letter follows the Sub-Committee’s discussion on CP8/22 and sets out the following questions to … Continue Reading

FCA publishes Chair of the Remuneration Committee letter

On 2 August 2022, the Financial Conduct Authority (FCA) published a letter it has sent to the Chair of the Remuneration Committee (the Chair) of proportionality level one banks, building societies and PRA designated investment firms. The letter sets out the FCA’s expectations for the Chair, as they determine their firm’s remuneration outcomes for the … Continue Reading

EBA report on benchmarking of remuneration practices in EU banks for the financial years 2019 and 2020 and high earners data

On 21 July 2022, the European Banking Authority (EBA) published its report on benchmarking of remuneration practices in EU banks for the financial years 2019 and 2020 and high earners data for 2020. The number of high earners went down from 1,444 (EU27/EEA) or 4,963 (EU28/EEA) in 2019 to 1,383 (EU27/EEA) in 2020. While the … Continue Reading

BoE publish consultation paper: Remuneration: Unvested pay, Material Risk Takers and public appointments

On 15 July 2022, the Bank of England (BoE) published Consultation Paper 8/22 ‘Remuneration: Unvested pay, material risk takers and public appointments (CP8/22). In CP8/22 the PRA sets out draft changes to Supervisory Statement 2/17 ‘Remuneration’ (SS2/17). The PRA is setting out a proposed new chapter 4 of SS2/17 covering changes to the instruments or … Continue Reading

EBA consults on draft guidelines on remuneration and gender pay gap benchmarking exercise for banks and investment firms

On 21 January 2022, the European Banking Authority (EBA) issued a consultation to update its guidelines on the remuneration benchmarking exercise under the Capital Requirements Directive IV (CRD IV), which was originally published in 2012 and updated in 2014. The review is necessary to take into account additional requirements introduced by the CRD V regarding … Continue Reading

EBA consults on updates to its guidelines on data collection exercises regarding high earners

On 21 January 2022, the European Banking Authority (EBA) launched a consultation on updates to its guidelines on the data collection exercise on high earners, which were originally published in 2012 and revised in 2014. The review of the data collection exercises reflect the amended remuneration framework laid down in the Capital Requirements Directive (CRD … Continue Reading
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