Following the introduction of the fourth Capital Requirements Directive, rules were introduced to the General Organisational Requirements, Senior Management Functions and Remuneration parts of the PRA Rulebook and the Senior Management Arrangements, Systems and Controls manual of the FCA Handbook. These require the Group to include a compliance statement on our website in relation to these rules. Our explanation of how we meet these requirements can be found in the document below, which covers (1) Governance (2) Remuneration and (3) Reporting. Further relevant details may be found in our latest Annual Report and Accounts and in our Directors’ biographies, all of which are on this website.
Virgin Money UK PLC
Registered Office: Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL
Registered in England and Wales No. 09595911
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Virgin Money UK PLC is registered in England and Wales under the company number: 09595911, and has its registered office at Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL.
Virgin Money UK PLC and Clydesdale Bank PLC are members of the Virgin Money UK group of companies (the "Group"). When we say 'Group' we mean Virgin Money UK PLC; Clydesdale Bank PLC; Clydesdale Bank Asset Finance Limited; CYB Intermediaries Limited; Yorkshire Bank Home Loans Limited; Yorkshire and Clydesdale Bank Pension Trustee Limited; YCBPS Property Nominee Company Limited; Virgin Money Retirement Savings Plan Trustee Limited; CGF No. 9 Limited; Salary Finance Loans Limited; Red Grey Square Funding LLP; St Vincent (Equities) Limited; Clydesdale Covered Bonds No.2 LLP; Yorkshire and Clydesdale Bank Foundation; Yorkshire Bank Public Limited Company; Northern Rock Limited; Eagle Place Covered Bonds LLP; Virgin Money Holdings (UK) plc; Virgin Money Unit Trust Managers Limited; Virgin Money Nominees Limited; Virgin Money Personal Financial Service Limited; Virgin Money Management Services Limited; Virgin Money plc; Virgin Money Giving Limited; The Virgin Money Foundation; and each other subsidiary or holding company of Virgin Money UK PLC from time to time and each other subsidiary from time to time of any such holding company. An up to date list of the companies in our Group is available on request.
Clydesdale Bank PLC, which trades as Clydesdale Bank, Yorkshire Bank, B and Virgin Money, is registered in Scotland under the company number: SC001111, and has its registered office at 30 St Vincent Place, Glasgow, G1 2HL.
Clydesdale Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register No. 121873. The VAT number of Clydesdale Bank PLC is 261377066.
Virgin Money plc is registered in England and Wales with registered number 06952311 and has its registered office at Jubilee House, Gosforth, Newcastle Upon Tyne, NE3 4PL.
Please note: this Site is the website for Virgin Money UK PLC which is the holding company of Clydesdale Bank PLC. If you wish to access the banking and financial services of either Clydesdale Bank or Yorkshire Bank please visit www.cbonline.co.uk Link opens in a new window or https://www.ybonline.co.uk
Virgin Money UK PLC
Virgin Money UK PLC, and its subsidiary undertakings comply with the Prudential Regulation Authority's (PRA) Rulebook Remuneration and the Financial Conduct Authority's Senior Management Arrangements, Systems and Controls Handbook (SYSC) 19D & 19E. These rules aim to ensure that firms have risk-focused remuneration policies, which are consistent with and promote effective risk management and do not expose them to excessive risk.
The Remuneration disclosures in respect of the 2020 performance year are set out at the end of the remuneration disclosure section of the 2020 Pillar 3 Report.
These disclosures deliver the requirements of CRR Article 450.
VMUK PLC operates a company-wide remuneration policy, approved by the Virgin Money UK PLC Remuneration Committee. The sections on this page set out a summary of the policy and describe our overarching principles and practice.
About the All Colleague Remuneration Policy
- Governance of Remuneration
- Remuneration Principles, Policy & Practice
- Quantitative Disclosures
Virgin Money Unit Trust Managers LTD
Virgin Money Unit Trust Managers (VMUTM) does not directly employ any staff, other than its two independent non-executive directors. Staff are provided from both Virgin Money UK PLC and Standard Life Aberdeen PLC (the ultimate parent entities) on a secondment basis.
In accordance with the FCA’s UCITS Remuneration Code, VMUTM is required to establish and apply a remuneration policy for certain categories of staff whose activities have a material impact on the risk profile of VMUTM or the UK UCITS funds (“UCITS”) that it manages (UCITS Remuneration Code Staff or “Code Staff”). VMUTM applies the remuneration policies (the “Remuneration Policies”) of the parent entities in the secondment model.
The Remuneration Policies document the remuneration policies, practices and procedures of the parents and are reviewed annually.
Virgin Money plc
Virgin Money plc does not currently have any employees. However, the Company maintains a Remuneration Committee - comprised of independent Non-Executive Directors - that is constituted in accordance with Article 95.
Virgin Money plc’s Non-Executive Directors are Material Risk Takers and their remuneration – consisting solely of fees – is managed within the requirements of CRD IV. In the event that Virgin Money plc employs individuals in the future the Remuneration Committee will ensure that the Company complies in full with Articles 92 to 95 of CRD IV regarding remuneration.
Virgin Money does not benefit from government intervention, so Article 93 is not applicable to us.
Code of conduct
The Group has a Code of Conduct – this clearly sets out the standards of responsibility and ethical conduct we expect from all our employees. Our ‘Supplier Code of Conduct’ document additionally sets out what we expect from all suppliers who work with us.