City reacts to new FSA remuneration code

first_img alison.lock Friday 17 December 2010 11:48 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ Tags: NULL Share whatsapp FINANCIAL services firms are now subject to the world’s toughest bank bonus curbs after City regulator the Financial Services Authority published its new remuneration code.But the new rules, which will affect 2,700 financial firms in the UK from January, will not be binding for many smaller institutions and more specialist financiers.The new code bans guaranteed bonuses of more than one year, and specifies that up to 60 per cent of variable pay must be deferred when rewarding the most serious risk takers. Senior risk takers face a cash cap on bonuses of 20 per cent and at least half of all non-deferred bonuses must be paid in shares. It also stipulates that an appropriate ratio of variable to fixed pay should be set by firms, but gives no specific guidance on this. But of four tiers of firms outlined in the code, those in tiers three and four – small banks and building societies, and firms that do not put their balance sheets at risk – may be exempt from many of the stricter rules.“The most significant of these are the requirement to have a UK-based remuneration committee, deferral, and the proportion of variable remuneration paid in shares. For other rules, the FSA will apply a discretionary approach that is likely to result in less-onerous requirements,” the FSA said.The move means that many investment managers and businesses operating an agency model will escape the specific requirements to defer remuneration and pay bonuses in shares, said PriceWaterhouseCoopers.But larger banks will be forced to rein in their remuneration substantially from January, just as the 2010 bonus round gets under way.The British Bankers’ Association hit back at the news, saying the financial services sector contributes significant tax revenues and UK banks should not be put at a competitive disadvantage to rivals outside Europe.“Until there is a genuinely global consensus on pay in financial services, the challenge for policymakers will be to ensure the UK continues to attract this valuable business,” it said in a statement.Jon Terry, remuneration partner at PriceWaterhouseCoopers said: “Retaining talent in a sector where financial reward is often the main motivator and workers are internationally mobile will be more challenging than ever. “It remains to be seen how London’s lure as Europe’s dominant financial centre will be affected as the reality of the pay changes begins to bite.”The code aims to align remuneration principles across the EU and reflects the changes set out by its Committee of European Banking Supervisors last week. whatsapp City reacts to new FSA remuneration code last_img read more


first_img Share Show Comments ▼ Thursday 3 February 2011 7:17 pm More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at Savoy Investment ManagementThe wealth management subsidiary of Syndicate Asset Management has hired James Bowles (pictured). Bowles will be responsible for providing tailored services for the north west of England. He was formerly with Anglo Irish Bank, where he had a similar regional brief, and Levi Solicitors in Yorkshire. The firm specialises in portfolios invested either directly in bonds and equities or in collectives. It is based in London but focused on the north.PricewaterhouseCoopersPwC has appointed Andrew Packman as head of the firm’s UK pharma and life sciences business. He replaces Andy Kemp and will take up the role immediately.Packman has been at PwC for more than 25 years and has been a partner for the last 14. He specialises in the pharma and life sciences industry and has led the tax practice in this area for several years. He has been consulted by the government on its recent R&D tax relief policy and the patent box.Cooke, Young & KeidanThe London law firm has promoted Sinead O’Callaghan to partner and has added James Clarke to its commercial and financial disputes team as an associate. O’Callaghan has previously worked for Mayer Brown International and specialises in banking litigation, corporate disputes and civil and commercial fraud. Clarke worked formely at boutique litigation firm ELS International Lawyers. First State InvestmentsThe asset manager has appointed Marco Van Bussel as a portfolio manager in its global property securities team, which manages the First State Global Property Securities Fund. Van Bussel joins the fund’s management from Macquarie Fund Management in London, before which he worked at Fortis Investments in Amsterdam. He will report to Andrew Nicholas.LocktonThe insurance broker has appointed five new senior associates, led by Henry Keville. They include Rawden Leigh, Danyalle Brinsmead, Sean Lindsay and Alex Burton-Brown. The new recruits will develop the firm’s services in hedge fund, private equity, venture capital, real estate and fund management. The firm employs 3,800 people worldwide. whatsapp KCS-content whatsapp CITY MOVES | WHO’S SWITCHING JOBS Tags: NULLlast_img read more