Regulatory disclosures

Cur8 Capital is the trading name of IFG. VC Limited, which is authorised and regulated by the FCA [No. 943736].

Scope and purpose

This disclosure relates to IFG.VC Ltd (the ‘Firm’), which is classified as a small and noninterconnected (SNI) MIFIDPRU Investment Firm and is therefore required under MIFIDPRU 8.6 to disclose information relating to remuneration policies and practices.

In accordance with the rules, the disclosures herein are appropriate to the size, internal organisation, nature, scope, and complexity of the Firm’s activities.

Approach to remuneration

Base salaries provide pre-determined, non-revocable compensation paid to individuals throughout the year, irrespective of Firm or individual performance. Base salaries and benefits constitute the significant proportion of the total remuneration of employees. This fixed element is based on the individual’s professional experience and professional responsibilities. Individuals within the Firm are all directly employed through the Firm’s parent company, IslamicFinanceGuru Limited, and it is the parent company that is responsible for remuneration.

To not incentivise unacceptable risk taking, fixed remuneration comprises most staff compensation. Neither the Firm nor the parent company run a discretionary bonus scheme. Salaries are reviewed on an annual basis at a minimum to ensure that they adequately reflect the individual’s professional responsibilities and sustained performance.

Governance and decision-making procedures

The Firm is required to implement and maintain remuneration policies, procedures and practices for all directors and employees that are consistent with and promote sound effective risk management. These are a fundamental consideration of the parent company in its approach to compensation for individuals whose responsibilities and activities lie within the remit of the Firm.

Th Firm’s policy is intended to cover all aspects of remuneration and has been created in accordance with the MIFIDPRU Remuneration Code (SYSC 19G).

The remuneration practices and policies are intended to:

  • promote sound risk management practices in alignment with the Firm’s risk management principles;
  • discourage risk taking that is inconsistent with the Firm’s risk appetite or risk management policies and principles;
  • control fixed costs by ensuring that remuneration expense varies according to profitability and does not place undue constraints on the Firm’s ability to maintain its capital base;
  • link remuneration to the Firm’s financial and operational performance as well as individual performance;
  • provide competitive, but not excessive, levels of remuneration compared to peer Firms of appropriate size, scope, and complexity; and
  • promote a positive culture towards risk management and compliance.

The remuneration practices and policies are intended to support the Firm’s business strategy, long term interests and values, and to ensure that risk taking does not exceed the Firm’s tolerated level of risk.

Periodic benchmarking ensures that remuneration at individual level is not unreasonable or disproportionate to the amount, nature, quality, and scope of the work performed.

The remuneration policy outlines the criteria used to assess the performance of the Firm and of individual staff members. The Firm’s performance is assessed against its overall financial performance, as well as other measures such as new business gained, new products developed, AUM, client satisfaction and employee retention rates.

In assessing the performance of individual staff members, the Firm takes into account financial and non-financial criteria. Non-financial criteria includes:

  1. measures relating to building and maintaining positive customer relationships and outcomes, such
  2. as positive customer feedback;
  3. performance in line with firm strategy or values, for example by displaying leadership, teamwork or
  4. initiative;
  5. adherence to the firm’s risk management and compliance policies;
  6. contributing towards achieving business OKRs: and
  7. environmental, social and governance factors.

Remuneration components

All components of remuneration are categorised as either fixed or variable.

Fixed Variable – Salary

Quantitative disclosures

Below are remuneration awarded to all staff (“staff” has been interpreted broadly in line with SYSC 19G.1.24G)

  • Fixed remuneration – £320,000
  • Variable remuneration – £0
  • Total remuneration – £320,000