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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


    (1) (except where (2), (3) or (4)201 apply) any form of remuneration, including salaries, discretionary pension benefits and benefits of any kind.

    [Note: article 92(2) of CRD]172

    (2) (in relation to those articles of the MiFID Org Regulation as applied in accordance with SYSC 1 Annex 1 2.8AR, SYSC 1 Annex 1 3.2-AR, SYSC 1 Annex 1 3.2-BR, SYSC 1 Annex 1 3.2CR, SYSC 1 Annex 1 3.3R; SYSC 19F.1.1R; SYSC 19F.1.3R and SYSC 19F.1.4R179) all forms of payments or financial or non-financial benefits provided directly or indirectly by a firm to relevant persons174 in the provision of one or more of designated investment business, ancillary activities and ancillary services to clients.172

    [Note: article 2(5) of the MiFID Org Regulation]172

    (3) (in SYSC 19F.2, ICOBS and, in relation to a life policy, in COBS 6.1ZA) any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given in respect of insurance distribution activities.183[Note: article 2(1)(9) of the IDD]183

    (4) (in COBS 19.1B) means any payment or benefit whatsoever:201

      1. (a) charged to, or received from, a retail client (directly or indirectly); or201
      1. (b) received by a firm, or by any person or entity connected with the firm;201

    for, or in connection with, advice or other services provided by the firm, or by any of its associates that are also a firm.201