FSA will not extend bank remuneration code to IFAs

Scott Sinclair
clock

The FSA says it will not extend its remuneration code for banks to practitioners in other sectors, such as independent financial advisers.

It says it wants to ensure firms that are within its scope, including building societies and broker dealers, are fully compliant by the time the new rules come in on 1 January. Following public outcry over bankers' pay, the FSA introduced 10-point guidelines into its Handbook requiring firms to have "remuneration policies, procedures and practices that are consistent with and promote effective risk management". It later consulted on whether to extend the code to other FSA-authorised firms. But today it announced it has decided "not to introduce any new rules and will not extend the r...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Andrew Goodwin: Who holds the reins of the targeted support bandwagon?

Andrew Goodwin: Who holds the reins of the targeted support bandwagon?

'We have the ability to at least play a meaningful part in shaping our own destiny'

Andrew Goodwin
clock 27 October 2025 • 5 min read
One in five wealthy over-55s unaware of IHT on pensions change

One in five wealthy over-55s unaware of IHT on pensions change

IHT on pensions comes into effect from 6 April 2027

Sahar Nazir
clock 27 October 2025 • 2 min read
Why the government must invest in confidence to unlock Britons' wealth potential

Why the government must invest in confidence to unlock Britons' wealth potential

Confidence is key to unlocking investment potential

Brian Byrnes
clock 27 October 2025 • 4 min read