Remuneration Code for BIPRU firms

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Remuneration Code for BIPRU firms
  • The other Remuneration Codes
  • Who does the BIPRU Code apply to?
  • The BIPRU Code and risk management
  • The Remuneration Principles
  • Key elements of the code
  • Deferral
  • Proportion in shares
  • Guarantees
  • Proportionality
  • More...

Remuneration Code for BIPRU firms

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This Practice Note explains the Remuneration Code for BIPRU firms (the BIPRU Code) under Chapter 19C of the Senior Management Arrangements, Systems and Controls Sourcebook (Financial Conduct Authority (FCA) Handbook SYSC 19C), which contains the rules for BIPRU firms on remuneration.

The BIPRU Code sets out the standards that BIPRU firms have to meet when setting pay and bonus awards for their staff. It aims to ensure that firms' remuneration practices are consistent with effective risk management.

The BIPRU Code expands upon the general organisational requirements in FCA Handbook SYSC 4. For guidance on the general organisational requirements for authorised firms see Practice Note: Senior management arrangements, systems and controls.

The other Remuneration Codes

Alongside the BIPRU Code are other remuneration codes:

  1. the IFPRU Remuneration Code (IFPRU Code) applies IFPRU firms, and is set out in FCA Handbook SYSC 19A. For more information on the IFPRU Code, see Practice Note: IFPRU

Popular documents