On 24 June 2015 the PRA and FCA issued the “Strengthening the Alignment of Risk and Reward: New Remuneration Rules”. The new rules apply to Banks, Building Societies and all PRA-regulated investment firms i.e. the same businesses as the Senior Managers and Certification regime (“SMCR”). It therefore captures some employers not previously within the Remuneration code net. The new regime is in force and applies from 1 January 2016.
What’s changed?
Options 1. and 3. look the most likely approaches but further guidance needs to be provided.
The hrlaw team at Fox Williams will continue to provide updates on this topic.
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