Stricter rules on pay for UK asset managers – are you ready?
The new UK remuneration rules under the Investment Firms Prudential Regime will apply for performance years from 1 January 2022. Following Brexit, the EU’s Investment Firms Directive and Regulation will not apply in the UK. The FCA has adopted a new MIFIDPRU remuneration regime for investment firms, which is broadly similar. The MIFIDPRU rules are set out in a new remuneration code, SYSC19G. The new code’s requirements will have a material impact on all firms from 1 January 2022, so it’s crucial to prepare now.