After more than a year of reviews, reports and consultations, the new Financial Services Authority (FSA) Remuneration Code came into force on 1 January 2010. The FSA had consulted on its draft code published in February 2009 and produced its responses to that consultation in a Policy Statement in August 2009, which also contained a final version of the Code.
So what does it all add up to? The Code contains the general requirement that “a firm must establish, implement and maintain remuneration policies, procedures and practices that are consistent with and promote effective risk management”.
