The FCA has today published a consultation paper[1] with proposals to amend its Dual-regulated firms Remuneration Code and relevant non-Handbook guidance in line with the Capital Requirements Directive V (CRD V).
The proposals aim to ensure that the FCA’s remuneration regime applicable to banks, building societies and PRA-designated investment firms:
- continues to promote healthy cultures and minimise harm to consumers and markets
- remains largely consistent with the PRA’s remuneration framework
All interested stakeholders are invited to provide feedback on the FCA’s consultation paper by 30 September 2020.
The PRA has also issued a consultation on implementing CRD V[2], including on remuneration. Both publications follow HM Treasury’s recent consultation document on Updating the UK’s Prudential Regime before the end of the Transition Period[3].