Remuneration rules for dual-regulated firms to be updated

By Neasa MacErlean

New remuneration rules will come into force for banks, building societies and other dual-regulated firms with financial years starting on or after 29 December 2020. The rules implement the Capital Requirements Directive V (CRD V) — not only because the United Kingdom is committed to transposing European Union legislation up to 31 December but also because UK regulators want to maintain global standards. The FCA says an underlying aim is “to promote healthy cultures and minimise harm to consumers and markets” — so, for instance, there will be new rules on ensuring gender neutrality in pay schemes.