FSA remuneration code will not extend to other sectors

The FSA’s remuneration code comes into force for large banks, building societies, and broker dealers on 1 January 2010.  It will apply to any remuneration awards made by these firms for the 2009 performance year. The FSA has decided not to introduce any new rules and will not extend the rules to other sectors.  The FSA’s supervisory focus is on ensuring that the firms which are within the initial scope of the remuneration code are fully compliant from 1 January 2010. All the firms covered by the remuneration code provided the FSA with remuneration policy statements (RPS) at the beginning of November.

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