On 26 November 2024, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (together the Regulators) published a joint Consultation Paper (PRA CP 16/24, FCA CP 24/23) on reforming the remuneration regime applicable to banks, building societies, and PRA-designated investment firms.
PRA and FCA propose reform to ease bank remuneration rules
Assessing proposals to make the remuneration regime for banks “more effective, simple and proportionate”, while still ensuring accountability for risk taking and appropriate outcomes for consumers and markets.