Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 14 October 2016 to Question 46911, on incentives, what steps his Department is taking to ensure that firms are complying with the policies outlined in that Answer.

Policies referred to in my previous answer were enacted through legislation which empowered the UK’s independent regulators, the Prudential Regulation Authority and the Financial Conduct Authority, to monitor and supervise financial services firms. Rules on remuneration are set out in the UK regulators’ rulebooks and the regulators ensure that FS firms are compliant with these through regular monitoring including a detailed annual review of the largest firms’ remuneration policies and practices.