// Home / / / /

Remuneration Code

Regulators and politicians identified inappropriate remuneration policies within banks and financial institutions as a key contributory factor behind the Financial Crisis. It was felt that key risk takers were incentivised to promote short term gain ahead of the long term financial well-being of the organisations for which they worked.

The FCA was the first major financial regulator to introduce a Remuneration Code on 1 January 2010. This initially only covered the UK’s largest banks, building societies and broker-dealers. However, it has since been revised twice and now meets the remuneration provisions of CRD IV (see above), which came into effect on 1 January 2014 and applies to around 2,750 firms.

Now the latest Remuneration Codes apply to all banks, building societies and large alternative investment fund managers as well as many broker-dealers, asset managers (such as most hedge fund managers and all UCITS investment firms), plus some firms which engage in portfolio managers, corporate finance, private equity, venture capital, the provision of financial advice, brokers, multilateral trading facilities and others financial markets participants.

Packages for Remuneration Code staff are structured so as to reduce the element received by way of cash or bonus, with a greater incentive on long term incentive schemes.

Of course, not all staff within an affected organisation will be covered by the Code. Fox Williams has market leading expertise in advising employers on identifying so called “Code Staff” and on advising on appropriate remuneration and bonus packages for such individuals.

icons Addthis Print Contact Register


tel: +44 (0) 20 7628 2000
10 Finsbury Square, London, EC2A 1AF
View map


  • Top Ranked Chambers UK 2014 - Leading Firm
  • Ranked in Chambers Europe 2013 - Leading Individual
  • Ranked in Chambers Global 2014 - Leading Firm
  • Legal 500 - Leading Firm
  • The Lawyer UK 200 - Listed Firm
  • The Law Society Excellence Awards 2012 - Shortlisted
  • Investors in People - Bronze