| IFSC pay warning arising from Cap IV Directive |
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Banks and other international financial services firms were warned this month that restrictions on remuneration imposed by the 4th amendment to the EU Capital Requirements Directive (CRD IV) may require significant changes to remuneration policies, by McCann FitzGerald in a client newsletter.
The rules, which were implemented in Ireland on 31st March, are of relevance to banks and international financial firms, according to a McCann FitzGerald spokesperson, who added 'the most noteworthy change is the implementation of a maximum cap on bonuses payable in certain firms.
‘This change is very likely to significantly change remuneration policies in such firms and will require such firms to carefully consider their remuneration structures in order to reward high performers, attract new hires and retain key staff, whilst ensuring that in doing so, the remuneration structure does not reward excessive risk taking.' |
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