Remuneration Reporting And Sale Incentives Developments

The FSA has recently produced two papers relevant to those working on financial services remuneration.

Data collection

In August, the FSA produced a consultation paper on remuneration reporting requirements for BIPRU firms and third country BIPRU firms. Click here to access the paper.  This has its origin in the CRD 3 requirement for national authorities to submit data to the European Banking Authority (EBA). The FSA has now published its own proposals following on from the EBA draft guidelines in July.

Larger institutions

The first part of this proposal is that firms/groups with total assets of £50 bn or more will have to submit information on the structure of remuneration in the group. This broadly equates to some 15 or so firms/groups and is equivalent to the proposed new Level 1 and 2 definition of the proposed proportionality regime. The stated purpose of this is the help the EBA to understand how remuneration is changing and differences between member