ABSTRACT
The FSA first introduced a remuneration code in August 2009 as part of its response to the banking crisis. This chapter focuses on the several remuneration codes, and their rules about the remuneration of individuals. Remuneration policies and procedures need only be proportionate to the nature, scale and complexity of the firm's activities. The BIPRU Remuneration Code contains a lesser set of requirements, by comparison with the CRD Codes. SYSC 19B and SYSC 19E apply respectively to two different types of collective investment scheme ('CIS'), namely 'UCITS' (ie undertakings for collective investment in transferable securities), and 'AIFMs', (i.e., managers of alternative investment funds). In the CIS Codes, Code staff are defined as 'those categories of staff whose professional activities have a material impact on the risk profiles' of the funds they manage, or of the AIFM or management company itself.
