More than 6 years on from the original adoption by the FSA of a Remuneration Code, the regulation of pay in the financial services industry remains a hot topic, with change driven by CRD III, CRD IV, AIFMD and UCITS V.
The FCA now boasts in its Handbook no less than five Remuneration Codes. Meanwhile the interpretation and application of the obligations created by the Directives remains something of a moving feast as the Commission, ESMA and FCA produce and revise their guidance on how to apply the various directive requirements, with "proportionality" being a particularly hot topic. Add into the mix the effect of Brexit.
In this paper we take stock of the different regimes as at July 2016, consider the similarities and differences between the regimes, and look at some of the difficulties in applying the regimes.