FSA Questionnaire For Remuneration Policy Statements

With the backdrop of the G20 itself discussing further possible changes to bonuses, the FSA has as scheduled taken its next step and written to the largest 26 UK financial institutions which will be caught by the final version of the FSA's Remuneration Code published on 12 August 2009.

The letter formally asks them to complete an enclosed questionnaire (with 33 questions and 6 tables) to give the FSA hard data, a detailed understanding of the firms' remuneration policies but most importantly how they intend to comply with the Code now that the it is finalised. Responses will be kept confidential, but clearly must be accurately submitted and bring home the new regime that is now to apply and will be enforced in this area, as well as the huge cost of compliance.