The Queen's Speech yesterday outlined four key proposals
that will have a direct impact on employers. These are:
Financial Services Bill
The Bill, which has been introduced to Parliament today, is
intended to make banking remuneration more appropriate and
transparent, with a better link between remuneration and effective
risk management.
The Bill contains provisions for the introduction of regulations
for reporting requirements on authorised persons concerning
remuneration. It also obliges the FSA to introduce rules to require
authorised persons to have (and to act in accordance with) a
remuneration policy that must be consistent with the effective
management of risks and the Implementation Standards issued by the
Financial Stability Board in September. The Bill provides that if
the FSA considers that a remuneration policy is non-compliant it
can require the policy to be revised, may prohibit persons from
being remunerated in a specified way, provide that any
