• UK Financial Regulator Revises the Remuneration Code
  • September 8, 2010
  • Law Firm: Mayer Brown LLP - Chicago Office
  • The Financial Services Authority (the FSA), the regulator responsible for the financial services industry in the UK, has published a consultation paper setting out its proposed changes to the Remuneration Code (the Code). We previously reported on the introduction of the Code in August 2009. The Code was introduced in response to concern that remuneration practices may have been a contributory factor to the global market crisis. The Code currently applies only to 26 of the largest banks, building societies and broker dealing groups in the UK but is now being significantly extended in scope and revised to take account of recent international and EU work on remuneration principles.