FSA will not extend bank remuneration code to IFAs

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...