26 November 2024
Tapestry Newsflash: Financial Services – UK PRA and FCA publish consultation on remuneration reforms for dual-regulated firms
Last month, we reported on the announcement that the UK financial services regulators intended to consult on reforms to the rules governing remuneration within dual-regulated credit institutions and investment firms.
The UK Prudential Regulation Authority and Financial Conduct Authority have today issued their joint consultation on this topic. The consultation paper covers the anticipated scaling back of minimum bonus deferral requirements but also includes broader reforms on topics such as material risk taker identification and the payment of dividends on deferred instruments.
The news release can be found here and the consultation paper can be found here.
Consultation responses are requested by 13 March 2025.
The Tapestry team will review this consultation paper in detail and will issue a more detailed alert in due course. If you have any questions or comments in the meantime, please do reach out to your usual Tapestry contact or to info@tapestrycompliance.com.
Matthew Hunter
