More NewsFSB Launches Second Compensation Practices Peer Review

FSB Launches Second Compensation Practices Peer Review

The Financial Stability Board (FSB) has launched its second peer review on compensation practices. The review will assess the progress made by national authorities and significant financial institutions in implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards, as well as the impact on compensation practices at financial institutions of national policy measures taken to implement the principles and standards.

The FSB Principles for Sound Compensation Practices and their Implementation Standards were endorsed by the G20 leaders at their summits in London in April 2009 and Pittsburgh in September 2009. The FSB completed its first peer review on compensation in March 2010, concluding that, at that relatively early stage in the process, some key issues were yet to be resolved and effective implementation was far from complete. The 2010 review therefore recommended that the FSB undertake a follow up review in 2011. In the meantime, the G20 leaders, at the June 2010 Toronto Summit, encouraged all countries and financial institutions to fully implement the FSB principles and standards by end-2010.

The 2011 review will assess the different approaches to implementing the FSB principles and standards by surveying supervisors and regulators and by surveying a sample of major firms directly. The responses of supervisors and regulators, and aggregated responses of firms will be analysed and discussed by the FSB later this year. The peer review report will be published in the autumn.

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