On September 22, 2014, the Prudential Regulation Authority (“PRA”) and the Financial Conduct Authority (“FCA”) published a joint consultation paper on proposals to amend their current approach to data collection of remuneration practices and reporting requirements. The proposals affect all banks, building societies, PRA-designated investment firms and IPRU investment firms. The PRA and FCA are, amongst other things, proposing revised rules and amendments to the template for collecting information from firms for the Remuneration Benchmarking Information Report and the High Earners Report. The proposals are in response to the guidelines published by the European Banking Authority (“EBA”) on July 16, 2014 which include amendments to the content of the data collection as well as changes required pursuant to the Capital Requirements Regulation and Capital Requirements Directive (together, “CRD IV”). Responses to the consultation are due by October 31, 2014. A Policy Statement, including final rules, is expected in November 2014. The PRA and FCA will be requesting data for the 2013 performance year separately, prior to the new rules being in place. Such data is due to be submitted to the EBA by November 30, 2014.
The consultation paper is available at: