Author: Mirit Ehrenstein

FCA consultation on relaxing pay rules for dual-regulated ‘small firms’

In February, the PRA issued a consultation (CP5/23) on relaxing some of the remuneration rules for small firms (see our briefing for details). The FCA have now issued their 'equivalent' consultation, CP23/11 “Remuneration: enhancing proportionality for dual-regulated firms”, with very similar proposals. This aims to result in more dual-regulated firms being subject to a more appropriate and proportionate regime for the UK market.

This briefing considers this, as well as the proposal to align MRT references in the FCA Handbook to the PRA Rulebook.