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Remuneration Code: further developments

The FSA has produced a cost benefit analysis to support its recent proposals to extend the Remuneration Code as set out in CP 10/19 - click here for our previous email.  The cost benefit analysis - gives little cause for optimism for those who hoped that when faced with the cost bill for implementation the FSA might scale back the proposals - click here. However, it is still hoped that developments at European level and further lobbying may allow this. Comments on the consultation paper are due by 8 October 2010.

There have also been press reports (though no official comment) that the public remuneration reports for large financial institutions envisged by the Financial Services Act 2010 and suggested by Walker will not be required next year, but implementation will be delayed until next year and so the first reports will not be due until 2012. Whether a voluntary interim solution will be sought and what kind of general financial services industry disclosure will be sought all therefore remain outstanding issues.

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