FSA refuses to extend remuneration code to insurers
The Financial Services Authority (FSA) will not regulate top insurers’ pay, the FT reports.
The FSA said it will not extend its remuneration code, which forces the 26 largest banks and brokers to show that they are linking pay to risk and long-term results.
“We have always argued that this code was designed around banks. Other financial services companies have different business models with a different risk profile. The FSA’s decision not to apply it to them is therefore sensible,” said Peter Montagnon, director of investment affairs at the Association of British Insurers.
The FSA will reconsider the remuneration policy, and who it should cover, next year when European regulators consider pay policies.
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