FSA Consults on Amendments to the Remuneration Code and Extension of its Scope
By: Ian Fraser, Philip J. Morgan, Victoria Green
The FSA has published a consultation paper proposing significant changes to its Remuneration Code, including a major increase in scope from the approximately 27 largest banks, building societies and broker-dealers operating in the UK that are currently covered to over 2,500 FSA-authorised banks, building societies, asset managers, UCITS investment firms and some firms engaged in corporate finance, venture capital, the provision of financial advice and stockbrokers. The asset managers within the scope of the proposed rules are those to which the Markets in Financial Instruments Directive rules apply, other than so-called exempt CAD firms which do not exercise investment discretion.
To view the complete alert online, click here.
