Regulatory Alerts2023-06-09
Added · Updated
Remuneration: Enhancing proportionality for dual-regulated firms
The Financial Conduct Authority proposes amending proportionality thresholds for dual-regulated firms to exempt those with average total assets of £4 billion or less, and those between £4 billion and £20 billion meeting specific additional criteria, from certain remuneration rules. These exempted firms would no longer be required to apply malus and clawback requirements. The proposals also align the identification of Code staff and breach wording with the Prudential Regulation Authority's Rulebook and introduce ambulatory references to maintain consistency. Firms may apply the amended rules to remuneration awarded for the next performance year beginning on or after the publication of the relevant Policy Statement.
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