How to avoid the bonus cap — FCA update for investment firms that may qualify to remain under BIRPU rules from 1 January 2014

The FCA has published a new webpage setting out information for certain investment firms that may qualify to remain under the existing rules in the Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU) from 1 January 2014, rather than moving to the rules under the FCA’s new Prudential sourcebook for Investment Firms (IFPRU) (which will transpose the relevant provisions of CRD IV).

If a firm can retain its BIPRU classification it would avoid the application of the controversial bonus cap provisions which are part of CRD IV…

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