UK: the FSA Remuneration Code - wider scope and other changes proposed

The Financial Services Authority has published a consultation paper in which it sets out proposed changes to its Remuneration Code in the light of the Capital Requirements Directive and the Financial Services Act (2010): see here (pdf). The consultation paper also reports on the implementation of the Code to date and the lessons learned.

The proposed changes will result in the Code applying to over 2,500 firms, including all banks and building societies, asset managers, hedge fund managers, UCITS investment firms as well as some firms that engage in corporate finance, venture capital, the provision of financial advice and stockbrokers. An overview of the changes, including those relating to the structure of remuneration, is available here.