UK:
UK Financial Conduct Authority Publishes Letter To Certain Firms On The Application Of Malus
09 June 2015
Shearman & Sterling LLP
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On May 21, 2015, the Financial Conduct Authority published a
letter from its Director of Supervision, Clive Adamson, to the
Remuneration Committee Chair of banks, building societies and
investment firms with total assets exceeding £50 billion. The
letter highlights the FCA's expectations on the application of
malus (bonus clawback) ahead of the annual review of remuneration
policies and practices by the FCA and the Prudential Regulation
Authority. Following the first annual review, the FCA published
guidance to share best practices on the application of malus to
variable remuneration and ex-ante risk adjustments.
The letter is available at: http://www.fca.org.uk/static/documents/letter-to-remco-chairs-setting-out-malus%20expectations.pdf.
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