This finalised guidance gives firms some practical information to understand how the EBA Guidelines on sound remuneration policies apply to them, and clarifies the FCA’s Dual-regulated firms Remuneration Code.
This guidance document updates the previous set of FAQs which were applicable to SYSC 19A firms and SYSC 19D firms. This guidance document has been revised to set out FAQs which are relevant for SYSC 19D firms.
Read this guidance on remuneration in conjunction with our policy statement and other general guidance documents:
This guidance is not a complete summary of the rules, guidance or EBA Guidelines. Firms should read this guidance alongside the Dual-regulated firms Remuneration Code, General Guidance on Proportionality: the Dual-regulated firms Remuneration Code (SYSC 19D) and the EBA Guidelines to understand how the requirements apply.
The EBA Guidelines apply from 1 January 2017 and firms must continue to review the EBA Guidelines to understand how they apply to them. After the end of the implementation period, firms should apply these Guidelines as set out in our guidance Brexit: our approach to EU non-legislative materials.
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:
- building societies
- UK designated investment firms
- some overseas firms as defined in SYSC 19D.1.1R(1)(d)