CP09/10: Reforming remuneration practices in financial services
The FSA's Consultation paper 09/10 is entitled 'Reforming remuneration practices in financial services'. It was published in March 2009 and the period for consultation responses closes on 18 May 2009.
Introductory documents
Newsletter [ PDF ]
Press release
FSA publishes consultation paper on remuneration
Consultation paper
CP09/10: [ PDF ]
Reforming remuneration practices in financial services
Erratum
Please note that since publication (18 March 2009) CP09/10 has been type-set with some inconsequential typographical corrections.
There were also a few errors on scope of application that have been corrected.
In particular reference to "total shareholder equity" in paragraph 1.12 has been replaced with "regulatory capital" and reference to"£730 million" of total regulatory capital in paragraph 5.5 has been corrected to read "£750million" .
Principle 10 in annex 2 only has been corrected from reading "Any deferred element of the variable component of remuneration should be linked to the future performance of an employee’s division or business unit." to reading "Any deferred element of the variable component of remuneration should be linked to the future performance of the firm as well as the employee’s division or business unit."
These are not changes in proposed policy - these are changes to ensure consistency with similar references in other parts of the paper.
Response
PS09/15: (August 2009)
Reforming remuneration practices in financial services - Feedback on CP09/10 and final Rules.