19 March 2009
The Financial Services Authority (FSA) yesterday issued a
consultation paper on executive remuneration. The paper, titled
"Reforming remuneration practices in financial services", proposes
to ban financial companies from offering financial incentives,
including pension benefits, which encourage risk taking.
The consulting period on implementation of the Code for larger
banks and broker dealers will run for two months, until 18 May. The
period for discussion and feedback on the idea of extending the
Code to other firms regulated by the FSA will run until 18
June.
The full FSA Press Release can be
found here:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/038.shtml
The Consultation Paper, accompanying
newsletter and response form can all be found here:
http://www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_10.shtml
