This guide explains the scope of the UK's remuneration rules for financial services firms, focusing on what counts as remuneration; which firms and individuals are covered by the rules; and how the Remuneration Code has evolved.
The FCA has updated its approach to tackling non-financial misconduct, including bullying and harassment. The rules, which also cover relevant misconduct outside the workplace, come into effect on 1 September 2026.
The FCA and PRA published policy statements setting out the Phase 1 of reforms to the SMCR process. Effective from 22 April 2026, individuals appointed under the 12-week rule will be subject to SMCR rules. The FCA and PRA are expected to consult further on Phase 2 and an implementation date is yet to be confirmed.