RegAlertGuidance · FCA · 16 Dec 2020
FG20/4: General guidance on proportionality: the Dual-regulated firms Remuneration Code (SYSC 19D)
The Financial Conduct Authority issued this guidance to clarify the operation of the proportionality rule within the Dual-regulated firms Remuneration Code and address part-year staff provisions. It applies to banks, building societies, UK designated investment firms, and specific overseas firms subject to SYSC 19D. The document has been revised to reflect updates made to the Code and should be read alongside policy statement PS20/16 and FAQs in FG20/5.
This guidance relates to the Dual-regulated firms Remuneration Code in SYSC 19D. It provides general guidance about the operation of the dual-regulated firms remuneration principles proportionality rule and about part-year Dual-regulated firms Remuneration Code staff.
Read FG20/4 (PDF)
General guidance
This general guidance document has been revised to reflect the changes made to the Dual-regulated firms Remuneration Code.
Read this guidance in conjunction with our policy statement and other finalised guidance documents:
PS20/16: Updating the Dual-regulated firms Remuneration Code to reflect CRD V (PDF)
FG20/5: Dual-regulated firms Remuneration Code (SYSC 19D): FAQs on remuneration (PDF)
Who this applies to
This guidance applies to all firms that fall within the scope of the FCA’s Dual-regulated firms Remuneration Code in SYSC 19D, namely:
banks
building societies
UK designated investment firms
some overseas firms as defined in SYSC 19D.1.1R(1)(d)
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“Read this guidance on remuneration in conjunction with our policy statement and other general guidance documents: FG20/4: General guidance on proportionality: the Dual-regulated firms Remuneration Code (SYSC 19D)”
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