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UK Financial Services Authority Statement: FSA consults on changes to its Remuneration Code

( July 29, 2010, 10:28 GMT | Official Statement) -- MLex Summary: The British financial regulator proposed that half of bonuses to senior bank managers be paid in shares or similar securities, as part of implementing the European Union's revised Capital Requirements Directive. The proposal would mandate that at least 40 percent of awards, or 60 percent for bonuses of more than 500,000 pounds, be deferred for three years or longer. The regulator added that the biggest lenders and brokers have fully complied with an existing code of conduct for bonuses given this year.The Financial Services Authority (FSA) today announced plans to update its Remuneration Code to take on board remuneration rules required by the Capital Requirements Directive (CRD 3) and the Financial Services Act 2010 (FS Act)....

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