Securities & Investment Institute Comment On FSA Code Of Practice On Remuneration Policies

Simon Culhane FSI, Chief Executive of the Securities & Investment Institute (SII) the UK’s leading member owned body for securities and investment professionals, said that his members welcome the further guidance provided by the FSA’s recently published Code of Practice on remuneration policies.

Simon commented that “the FSA code embraces nearly all of those principles contained in the SII’s own code, but we are disappointed that the FSA did not follow the SII in requiring that details of bonus payments should be shown in companies’ annual report and accounts.

“Transparency is an important element of the message that the banking industry needs to deliver in recognising its responsibilities to the public. By demonstrating this in a tangible manner, as required in the SII’s code, the industry could go a long way to restoring the trust which currently it has lost.”

The SII’s Code of Conduct is available in English, Arabic and Chinese reflecting its 40,000 global membership. It recently published its first policy paper on remuneration and both the paper and the SII Code of Conduct can be found at www.sii.org.uk.