s 137I Remuneration policies: Treasury direction to consider compliance
(1) This section applies where either regulator exercises its power to make general rules so as to make rules requiring authorised persons, or authorised persons of a description specified in the rules, to act in accordance with a remuneration policy. (2) A “remuneration policy” is a policy about the remuneration by an authorised person of— (a) officers, (b) employees, or (c) other persons, of a description specified in the rules. (3) The Treasury may direct the regulator to consider whether the remuneration policies of authorised persons specified in the direction (or of authorised persons of a description so specified) comply with requirements imposed by rules made by that regulator as to the contents of the policies. (4) Before giving a direction under subsection (3), the Treasury must consult the regulator concerned. (5) If the regulator considers that a remuneration policy of an authorised person fails to make provision which complies with the requirements mentioned in subsection (3), the regulator must take such steps as it considers appropriate to deal with the failure. (6) The steps that the regulator may take include requiring the remuneration policy to be revised. (7) “ Authorised person ”, in relation to the PRA, means PRA-authorised person.