Definitions
FCA | Financial Conduct Authority |
MiFIDII |
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU Text with EEA relevance |
MiFID OrgRef |
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive |
SYSC | Senior Management Arrangements, Systems and Controls |
1. Introduction
The Remuneration Policy (“Policy”) records the remuneration policy for Marlborough Select Platform Ltd (“Select Platform” / the “Company”). The Select Platform provides investment platform services to advised consumers allowing the adviser to manage their clients’ money including through ISAs, and SIPPs. The Select Platform is authorised and regulated by the FCA in the control of such business. The Company has adopted a remuneration policy in accordance with the requirements of MiFID II (Directive 2014/65/EU of 23 July 2014) and the MiFID Org Reg (EU 2017/565) and is subject to the Remuneration Codes set out by ESMA and in Chapters 19C and 19F of the FCA’s SYSC Handbook. The Company’s Policy also complies with the Investment Association’s Principles of Remuneration. The Policy is designed to ensure that the Company’s remuneration practices;
The Company considers the Policy to be appropriate to the size, internal operations, nature, scale and complexity of its activities.
2. Remuneration code staff
The Policy will apply to the fixed and variable (if any) remuneration, including salaries and pension benefits received by the identified remuneration code staff. The identified remuneration code staff are those whose professional activities have a material impact on the risk profile of the Company, including but not limited to;
3. Fixed and variable remuneration
The structure of remuneration for remuneration code staff is designed to be in line with the Company’s business strategy, taking account of any conflicts of interest and the existing and future capital requirements of the business. It typically consists of fixed pay and variable remuneration, potentially consisting of an annual bonus and long term incentives. Remuneration is based on, but not limited to;
4. Pension
The Company operates a self-invested personal pension scheme and contributions are set at an appropriate level to attract and retain high performing people. The Company doesn’t offer any discretionary pension benefits.
5. Conflicts of interest
Conflicts of interest involve a failure by the Company to act in the best interests of its clients and a material risk of damage to the interests of those clients. To ensure that individuals act in a fair manner, the Company has procedures in place to reduce conflicts and manage risks. The management of potential remuneration conflicts includes:
The Company regularly reviews potential and actual conflicts and maintains an up to date conflicts of interest register.
6. Annual review
On an annual basis the Company will review the terms of this Policy and assess whether the overall remuneration system operates as intended and is compliant with their obligations on remuneration. This Policy will be updated as and when required.
Appendix 1:
List of BIPRU Remuneration Code Staff (SYSC 19C.3.5)
Phil Gilder – Chief Executive Officer (SMF 1 and 3)
Sarah Peaston – Chair of the Governing Board (SMF 9)
Tracy Smith – Compliance (SMF 16 and 17)
Dom Clarke – Finance Director (SMF 3)
Nick Bridge – Head of Customer Support (SMF 3)