The PRA and FCA have each issued consultation papers setting out draft updated guidance in respect of the CRDIV remuneration rules.
The proposed updates from the PRA, available here, will consolidate the various existing PRA guidance documents into one, and provide further guidance on the Remuneration Part of the PRA Rulebook, which is applicable to all dual-regulated CRDIV firms.
The FCA consultation, available here, proposes amendments to the FCA guidance on the SYSC 19A Remuneration Code (applicable to CRDIV firms regulated by the FCA only) and the SYSC 19D Remuneration Code (to which dual-regulated CRDIV firms are subject in addition to the Remuneration Part of the PRA Rulebook). The FCA consultation also provides draft "FAQs" addressing certain common issues.
The consultations are open for response until 28 November 2016. To read more from our employment and incentives team, click here.
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