PRA and FCA consult on removal of Bankers’ Bonus Cap

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

2022/23 FCA letter to Remuneration Committee Chairs – level one Banks, Building Societies and PRA investment firms

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

New FCA webpage and templates on the MIFIDPRU Remuneration Code

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

Tax-advantaged share plans: HMRC extends share valuation period to 120 days

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

Final FCA rules on climate-related financial disclosures by standard listed companies and revised guidance for all companies

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

FCA publishes final IFPR remuneration disclosure rules

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

Changes to the Listing Rules on eligibility criteria

The Financial Conduct Authority (FCA) has published Policy Statement PS21/22 in which it has made a number of targeted changes to the Listing Rules in order to remove barriers to listing in London. From an employees’ share schemes perspective, the key changes to note are those to Listing Rules 13.8.11R and 13.8.14R. In connection with any circular … Read more