On 12 May 2023, the FCA published Consultation Paper 23/11 ‘Remuneration: Enhancing proportionality for dual-regulated firms’ (CP23/11). The FCA implemented remuneration provisions for dual-regulated firms in the dual-regulated firms Remuneration Code (SYSC 19D). These requirements are similar to PRA rules in the Remuneration Part of its Rulebook. The FCA has three other Remuneration Codes. These … Continue Reading
On 10 February 2023, the PRA published Policy Statement 1/23 ‘Remuneration: Unvested pay, Material Risk Takers and public appointments’ (PS1/23). PS1/23 is relevant to PRA authorised banks, building societies, PRA-designated investment firms, including third country branches, that are subject to the Remuneration Part of the PRA Rulebook. In PS1/23 the PRA provides feedback to the … Continue Reading
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
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
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
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
With a view to a revision of the Insurance Distribution Directive (IDD), which is expected to be undertaken by 2023 (the European Insurance and Occupational Pensions Authority (EIOPA) is due to submit its report by the end of 2021, and the European Commission in 2022), discussions and work have already begun at a European level … Continue Reading
