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Amendments to the Capital Requirements Directive (CRD III) introduced requirements for data collection on remuneration practices by Member State competent authorities and for transmitting such data to the European Banking Authority (EBA). In the UK, the Capital Requirements (Amendment) Regulations 2012 require the FSA to provide the EBA with remuneration data as set out in CRD III.
The EBA published guidelines in July 2012 setting out its expectations on the contents of two remuneration data sets firms must submit annually.
The FSA consulted on its proposed approach to collecting this data collection and the reporting requirements for FSA-regulated firms. The regulator is now setting out the feedback and the rules it has amended (in the Remuneration Code (SYSC 19A) and the Supervisory Handbook (SUP 16)) in response to this. This PS should be read by all FSA-authorised banks and building societies; and Capital Adequacy Directive (CAD) investment firms. This audience corresponds to firms subject to the Markets in Financial Instruments Directive (MiFID), although exempt CAD firms, such as credit unions, are not included. The PS may also be of interest to trade associations.
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