New FCA webpage: Remuneration and performance management of sales staff (SYSC 19F)

On 23 May 2018, the FCA published a new web page containing information on chapter 19F of the Senior Management Arrangements, Systems and Controls sourcebook (SYSC), which implements the MiFID II requirements concerning the remuneration and performance management of sales staff. The rules are designed to help prevent failures in the sales process and to ensure that sales staff and advisers are not remunerated in a way that creates incentives for staff to sell products inappropriately. They require that firms do not remunerate or assess the performance of their own staff in a way that conflicts with their duty to act in the best interests of their client, or provides an incentive for recommending or selling a particular financial instrument when another product may better meet the client’s needs.

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