The FCA Remuneration Code came into effect on 1 January 2011, implementing the remuneration aspects of the Capital Requirements Directive (CRD3).

The final rules and guidance for the FCA’s remuneration code came into effect on 1 January 2011 and appear in SYSC 19A.

In addition to meeting the requirements of the Remuneration Code, firms are required to publish their remuneration disclosures. Such disclosures will need to be on at least an annual basis.

PS10/21 (“Implementing CRD3 requirements on the disclosure of remuneration”) contains final rules on disclosure.

Note that whilst the Remuneration Code is reflected in SYSC 19A, the disclosure obligation is in BIPRU 11.5. There are no prescriptive requirements as to media and location so BIPRU 11.3.10R will apply in the same way as it applies to Pillar 3 disclosure. Firms can choose their own form of disclosure “…provided that this is easily accessible by users, and provides appropriate cross-references to other relevant information and disclosures in the Pillar 3 context”. Note also BIPRU 11.3.10R(2): “To the degree feasible, a firm must provide all disclosures in one medium or location…”.

A proportionate approach can be applied to firms’ disclosure obligations. PS10/21 contains general guidance on proportionality and sets out the disclosure requirements depending upon the ‘proportionality tier’ of the firm concerned. BIPRU limited licence/activity firms are proportionality tier four; PS10/21 provides further details of the four proportionality tiers.

Client disclosures:

The following Complyport clients have used our web-facility to publicly list their FCA Remuneration Code disclosure: