PRA consults on proportionality in Pillar 3 remuneration disclosures

PRA is consulting on proposals to enhance proportionality of Pillar 3 remuneration disclosure requirements, by reducing the number of disclosures required for many smaller banks and building societies.

This consultation follows on from PRA’s February 2023 consultations on liquidity and disclosure requirements for simpler-regime firms, and on enhancing proportionality for small firms, although it is still considering responses from those.

PRA expects to publish its final policy on remuneration disclosures as part of the Strong and Simple framework in Q4 2023, and to align the implementation date for proposals set out in this consultation with the Pillar 3 proposals set out in the February consultation (currently expected to be early H2 2024).

The consultation closes on 20 September 2023.

Laura Wiles