PRA has noted a mistake in the Rulebook definition of “higher paid material risk taker” in Rule 1.3 of the Remuneration Part. The definition currently states that a person will be an HPMRT where:
(a) their annual variable remuneration exceeds 33% of their total remuneration; and
(b) their total remuneration exceeds £500,000.
It has noted that the “and”, should in fact read “or”.
Both PRA and FCA will consult on amending relevant rules as soon as possible.