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

SFO secures six-figure confiscation order against Axiom Legal Financing fraudster

SFO secures six-figure confiscation order against Axiom Legal Financing fraudster

David Kennedy is currently serving an eight-year prison sentence

Sahar Nazir
clock 22 December 2025 • 1 min read
Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Higher proof-of-value demands and operational challenges keep private markets on margins of UK advice portfolios

Sahar Nazir
clock 19 December 2025 • 9 min read
Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Business development exec Lawrence Patrick joined charity The Mehiel Foundation

Professional Adviser
clock 19 December 2025 • 1 min read