MIFIDPRU Remuneration Code (SYSC 19G)

Find out how the MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms. Learn more about reporting requirements, disclosure and application.


The MIFIDPRU Remuneration Code applies to performance periods starting on or after 1 January 2022. The requirements in the MIFIDPRU Remuneration Code set out the minimum regulatory requirements that a MIFIDPRU investment firm must comply with.

The core requirements in the MIFIDPRU Remuneration Code apply to all small and non-interconnected (SNI) MIFIDPRU investment firms, with more detailed requirements also applying to non-SNI MIFIDPRU investment firms. 

SNI MIFIDPRU investment firms and those non-SNI MIFIDPRU investment firms who do not exceed certain balance sheet and exposure thresholds in SYSC 19G.1.1R, are not in scope of the more complex remuneration rules. The remuneration requirements according to these 3 categories of firms are set out in the table at SYSC 19G.1.7G and can be characterised as basic, standard and extended remuneration requirements.


A MIFIDPRU investment firm’s remuneration policy must be appropriate and proportionate to the nature, scale and complexity of the risks that exist in the business model and activities of the firm. 
We have included guidance in SYSC 19G.2.5G that the content and level of detail of the remuneration policy may depend on many factors. These include the number of staff the firm employs, the different types of roles and activities carried out by the firm and whether the firm is part of a group with a group-wide remuneration policy. 

Performance adjustment

Performance adjustment refers to the process and mechanisms by which a firm adjusts an individual’s variable remuneration, including the deferred portion. The adjustments take account of the financial situation of the firm as a whole and the performance of the firm, the business unit and the individual concerned. This may be in response to a specific crystallised risk or adverse performance outcome, including those relating to misconduct.

We have published FG23/6: General guidance on the application of ex-post risk adjustment to variable remuneration which provides further detail of our expectations on malus and clawback. This includes how they should be used in an effective, timely, consistent and transparent way.

Self-assessment templates and tables

We have published templates for Remuneration Policy Statements (RPS).  Firms may use these to record how their remuneration policies and practices comply with the MIFIDPRU Remuneration Code:

Reporting requirements

All firms in scope of the MIFIDPRU Remuneration Code should complete the MIFIDPRU Remuneration Report (MIF008). All returns should be completed using our reporting system, RegData, and submitted annually within 4 months of a firm’s accounting reference date. 

The reporting requirements are tailored to whether a firm is subject to basic, standard or extended remuneration requirements (as set out in detail in SYSC 19G.1.1R).

Where a firm is not part of an FCA investment firm group or is part of an FCA investment firm group to which the group capital test applies, the firm should complete the report on a solo basis. Where a firm forms part of an FCA investment firm group to which consolidation applies, it should complete the report on a consolidated basis. See the guidance notes for the MIF008 remuneration report. Firms should refer to the provisions at SYSC 19G.1.16 – SYSC 19G.1.19 for the rules and guidance on levels of application.


All MIFIDPRU investment firms should disclose qualitative and quantitative information about their remuneration policies, practices and outcomes (see MIFIDPRU 8.6). These are tailored to the remuneration requirements of SYSC 19G, with SNI MIFIDPRU investment firms being required to disclose less information than non-SNI MIFIDPRU investment firms.

Page updates

: Information changed Link to FG23/6 added
: Editorial amendment page update as part of website refresh
: Information changed Application and Reporting Requirements sections updated.