Remuneration Code Guidance

The FSA has released consultative guidance on the Remuneration Code (the Code) including a useful FAQs document.

Firms are reminded that despite the timing of this guidance, the Code came into force (via SYSC 19A) on 1 January 2011, with a transitional provision (TP) in respect of Principle 12 ‘Remuneration Structures’ (but note the article below regarding the TP). Regulatory Roundup 24 contained a useful summary on both the Remuneration Code and the Disclosure obligations.

The FSA are inviting comments by 18 May and Complyport will be responding to the consultation. Should any firms wish to make a comment, but are apprehensive about submitting their views directly to the FSA, then we would be happy to include such comments – on an anonymous basis – in our own response (please see Regulatory Roundup 20 on our right to modify etc. any comments that we receive).

The link will take you to the appropriate FSA web page where the full text of the guidance that is being consulted on can be found, as well as details on how to respond.

FSA on Remuneration Code*http://www.fsa.gov.uk/pages/Library/Policy/guidance_consultations/2011/11_09.shtml