Melanie Adams examines employment related legislation announced in the Queen’s Speech
New legislation to regulate remuneration in the banking sector and tackle bribery, and a renewed commitment to enact the Equality Bill and the Agency Workers Regulations, have been announced by the government in the Queen’s Speech.
Banking sector remuneration
The Financial Services Bill includes provisions: for executives’ remuneration reports; imposing a new duty on the Financial Services Authority (FSA) to make general rules requiring authorised persons (under the Financial Services and Markets Act 2000) to have and implement a remuneration policy; the remuneration policy must be consistent with the effective management of risks and the implementation standards for principles for sound compensation practices, issued by the Financial Stability Board.
The FSA rules may: prohibit workers from being remunerated in a specified way; provide that any provision of an agreement that contravenes such a prohibition is void; and provide for the recovery of any payment made, or property transferred, under such a void provision.
The Bill is available here: http://www.publications.parliament.uk/pa/cm200910/cmbills/006/2010006.pdf
Bribery Bill
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