The PRA and the FCA (the “Regulators“) have launched a consultation to remove the regulatory limit on the fixed/variable remuneration ratio (commonly referred to as the bankers’ bonus cap), thereby allowing Banks and other PRA-designated investment firms to increase, if they so wish, the maximum ratio between fixed and variable remuneration for key staff. The … Read more

In the mini budget today, the Chancellor announced a number of changes which will affect remuneration and incentives.  These include: Changes to income tax and NICs rates From April 2023, the income tax basic rate will reduce to 19% and the 45% additional rate will be abolished. The reversal of the 1.25% increase to the … Read more

The FCA published its 2022/23 letter to Remuneration Committee Chairs of proportionality level one Banks, Building Societies and PRA designated investment firms on 2 August 2022. As in previous years, key areas of focus remain ensuring that remuneration policies foster a strong culture of risk-management and accountability and promoting ESG considerations and diversity and inclusion … Read more

For banks and other dual-regulated firms with a calendar year financial year, the deadline to submit requests to exclude individuals from being identified as MRTs under CRD V for 2022 is 30 June 2022. Those firms that have not yet submitted a request should seek to do so without delay.   Firms are required to … Read more

The new FCA webpage on the remuneration code as part of the prudential sourcebook for MiFID Investment Firms (MIFIDPRU). The new webpage sets out: how the MIFIDPRU remuneration code applies; self-assessment templates and tables; reporting requirements; and disclosure requirements. Read more

HMRC has published amendments to its Shares and Assets Valuation Manual as part of which it has extended the period for which an agreed valuation of unquoted shares will remain valid for the purposes of grants under a tax-advantaged share plan from 90 to 120 days. This 120-day period is relevant only to valuations in … Read more

The Financial Conduct Authority (FCA) has published a Policy Statement (PS21/23) and final rules and guidance in relation to climate-related financial disclosures for standard listed companies. It has also updated its guidance on climate-related disclosures for premium and standard listed companies. The new rules for standard listed companies in new Listing Rule 14.3.27R mirror those … Read more

The FCA has now published its final rules on remuneration-related disclosures under the Investment Firms Prudential Regime (“MIFIDPRU”) that will apply to UK investment firms for performance years commencing on or after 1 January 2022. For most firms, with a calendar year performance period, the first remuneration disclosures under the new rules will need to … Read more