ABI believes that great care needs to be taken to avoid reading across from banks to insurers and asset managers, whose businesses are substantially different
Responding to the FSA’s new Code of Practice on remuneration policies, Peter Montagnon, the ABI’s Director of Investment Affairs, said: “This is an important step forward. The FSA has stuck to its principle of linking remuneration to risk, while making the Code less prescriptive and narrowing the scope of the organisations covered. The new version is much more likely to deliver the desired outcome without excessive compliance burdens. The FSA has promised further proposals for the wider financial sector in October. We continue to believe that great care needs to be taken to avoid reading across from banks to insurers and asset managers, whose businesses are substantially different in nature and pose much less risk to overall financial stability.”
© ABI
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