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Tuesday, May 1, 2012

FSB Sound Compensation Practices Implementation

The Financial Stability Board (FSB) has released its 2011 FSB Peer Review on Compensation report. The report indicated good progress had been made in implementing the FSB Principles and Standards on Sound Compensation Practices, but that more work would be necessary to overcome the lack of full implementation by individual national authorities and to address concerns of firms regarding uneven playing fields. The report offered several recommendations for improvement, including:
  • Full implementation by national authorities to all full and consistent implementation across firms.
  • In order to address level playing field concerns national supervisors should work bilaterally to verify and address such concerns and report annually to the FSB. 
  • The FSB should undertake ongoing monitoring and public reporting on implementation as part of its coordinated framework for monitoring financial reforms. 
  • Supervisory cooperation in the area of compensation practices should be stepped up all around.
The FSB has established the Compensation Monitoring Group in order to strengthen its monitoring and public reporting on the progress of compensation practices.

Read the FSB press release and more information.
Read the 2011 FSB Peer Review on Compensation.

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