In the Financial Services and Markets Act 2000, after section 139 insert -
"139A General rules about remuneration
(1) The Authority must exercise its power to make general rules so as to make rules requiring each authorised person (or each authorised person of a specified description) to have, and act in accordance with, a remuneration policy.
(2) A "remuneration policy" is a policy about the remuneration by the authorised person of -
(a) officers,
(b) employees, and
(c) other persons,
of a specified description.
(3) The rules must secure that any remuneration policy that an authorised person is required by the rules to have is consistent with -
(a) the effective management of risks; and
(b) the Implementation Standards.
(4) When making rules about remuneration policies, the Authority must have regard to any other international standards about the remuneration of individuals working in the financial sector (or certain such individuals).
(5) The Treasury may direct the Authority to