Bank of England: CRD IV: policy statement on data collection for remuneration practices
07 November 2014
All respondents agreed with the PRA’s and FCA’s approach to implementing the EBA Guidelines on both the High Earners Report and the Benchmarking Report. The scope for PRA-regulated firms remains unchanged.
This joint Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) policy statement (PS 11/14) sets out the responses to feedback received from the consultation on data collection on remuneration practices PRA CP17/14 (FCA CP14/19).
The regulators’ remuneration data reporting requirements are relevant for banks, building societies, PRA-designated investment firms and IFPRU (Prudential Handbook for Investment Firms) investment firms (including other types of firms where they are included in the scope of consolidation of an institution for which data is to be collected).
The new rules will be incorporated as amendments to the Supervision manual (SUP) in the FCA Handbook (SUP 16.17 (Remuneration Reporting) and associated forms/guidance notes) and to the Remuneration part of the PRA Rulebook. Firms are now required to submit data in the new template. The rules come into force on 7 November 2014.
© Bank of England
