June 2017: Tapestry Alert: Financial Services: PRA Remuneration Policy Statement Updated

The PRA has recently updated their remuneration policy statement (RPS) table.

The update includes changes to the notes section of RPS table 7 (malus) to show that firms may include information in relation to the malus applied to buy-out awards within Part C of table 7.

Earlier in the month, the PRA also made additional amendments, including:

  • submission deadlines and document references, and note for Level 1 firms that this date is 31 August;
  • an amendment to question (D.i) within the RPS Level 1 questionnaire relating to the identification of Material Business Units (MBUs); and
  • additional notes on buy-out within the notes section on the RPS tables.

The RPS templates allow firms to record remuneration policies, practices and procedures and assess compliance with the rules in the Remuneration Part of the PRA Rulebook.

Level 1 firms should now be looking at the changes that they are required to make to comply with the EBA guidelines in time for the accelerated deadline of 31 August.

If you would like any help producing or reviewing your RPS, please do let us know.

Janet and Matthew

Janet Cooper  Matthew Hunter

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