The FCA and PRA have today published their policy statement, PS21/25, Remuneration Reform on changes for banks and dual-regulated firms. AIMA’s response to the consultation is here. In it we argue that the liberalising amendments being made to banks and dual regulated firms more widely should be extended to FCA solo regulated firms as well. While PS21/25 does not do that, it does acknowledge the issue and notes in paragraph 8.1 that the FCA is looking at this issue as part of the review of the UK asset management rules. It says: “The FCA is actively engaging with industry and other stakeholders to understand the value and costs of these rules. It is considering the future shape of these remuneration rules, effectively balancing risks to investors and markets with the impact on firms while continuing to deliver the FCA’s objectives including supporting growth and competitiveness. This work will continue throughout 2025, and the FCA will provide an update in early 2026.”