UK Financial Regulators Consult on Removal of Bonus Cap – Publications
The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (jointly, the Regulators) are proposing to remove the bonus cap for banks, building societies, and PRA-designated investment firms. The consultation is underway and closes on 31 March 2023. If the bonus cap is scrapped, it will likely affect remuneration referable to performance periods commencing from 2024. In-scope firms should keep this development under review so they can swiftly respond to any increased flexibility in employee remuneration arrangements.
Source: morganlewis.com
