UK regulators refuse to comply with part of EU bonus cap
FCA and PRA say proportionality principle has not been properly applied
The UK's two main banking regulators are refusing to apply the European Union's bonus cap to small firms, in the latest clash over the controversial remuneration rules.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) released a joint statement today (February 29) in which they question the basis on which the European Banking Authority (EBA) has interpreted Europe's Capital Requirements Directive (CRD IV).
The disagreement stems from the "proportionality principle"
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