FCA announces proposals to update Dual-regulated firms Remuneration Code

The FCA has today published a consultation paper 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, 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.