Pay Day or May Day?

At the very end of 2010 the FSA published its revised Remuneration Code, which took effect on 1 January 2011, and which significantly affects the type and timing of remu-neration paid to affected staff of financial services firms covered by the Code.

Simon Firth (Partner, Investment Funds) and Daniel Lewin (Partner, Tax) discussed the scope and impact of the Remuneration Code on investment firms, including fund managers and brokers, both independent and in banking groups. The session also suggested practical solutions to the legal, tax and regulatory challenges the new Remuneration Code poses, taking into account further developments anticipated in 2011.