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    PRA Updates Remuneration Policy Statement Templates and Tables

    July 26, 2021

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability. The templates allow firms to record remuneration policies, practices, and procedures and assess compliance with the remuneration rules. PRA also updated remuneration policy statement tables that allow firms whose performance year started on or after December 29, 2020 to keep a record of all material risk-takers identified for the current performance year.

    The templates have been published to reflect recent changes to the Remuneration Part of the PRA Rulebook, following PS26/20 on the Capital Requirements Directive V. The remaining templates will be published in November 2021. The PRA remuneration rules set out the standards that banks, building societies, and designated investment firms have to meet when setting pay and bonus awards for their staff. The aim is to ensure that remuneration practices of firms are consistent with effective risk management. The supervisory statement SS2/17 on remuneration sets out expectations in relation to proportionality, the application of malus and clawback, other elements of remuneration, and additional expectations from firms.

     

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    Keywords: Europe, UK, Banking, Remuneration, CRD5, Self-Assessment, PS26/20, Reporting, PRA, Basel, Disclosures, Proportionality, PRA

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