FCA is consulting on proposals to update its Dual-Regulated firms Remuneration Code and guidance as part of CRD V implementation. The consultation largely follows PRA’s and proposes:
- changes to SYSC 19D in respect of the rules on MRTs, proportionality, deferral and clawback;
- non-Handbook guidance on Proportionality in respect of the Code and FAQs; and
- changes that will ensure the rules work after the end of the transition period.
FCA does not plan to reflect the CRD V changes in IFPRU or BIPRU following Treasury’s announcement that it will not apply the changes to solo-regulated firms.
Consultation closes on 30 September.