On 26 July 2012 the UK’s Financial Services Authority (“FSA”) published a consultation paper on proposals to amend the proportionality tier provisions of the Remuneration Code. The proposed new approach, which will replace the current four-tier structure based on either assets or regulatory capital and its activities with a new three-level system based on a firm’s total assets, is intended to simplify compliance with the Remuneration Code. All FSA-regulated firms should reappraise which of the three new levels they would fall into and the potential consequences.View full memo, "FSA Proposes to Amend Proportionality Provisions of the Remuneration Code"
