All financial services firms subject to the Financial Services Authority (FSA) remuneration code (code) must ensure that their remuneration policies, procedures and practices are compliant with the current version of the code by 1 July 2011 at the latest.

The original version of the code was published in January 2010. Following a consultation, a revised version of the code came into force on 1 January 2011. Firms that were subject to the original version of the code (the largest financial sector firms and their groups) were expected to be broadly compliant with the revised code from 1 January 2011. However, smaller firms which first became subject to the code on 1 January 2011 were given longer to bring their remuneration arrangements into line. The final deadline for firms to have their remuneration structures fully in line with the revised code is 1 July 2011 (although there is a limited exception for certain firms, which have until 1 July 2012 to comply with the requirement to provide 50% of variable remuneration in a non-cash form).

Firms will be expected to complete remuneration policy statements and lists of their remuneration code staff by 1 September 2011 (and larger firms may have already been required to do so).

For more information, see: