Washington, DC, October 18, 2013 - In 2009, the Financial Stability Board put forward Implementation Standards to reform compensation practices within the financial services industry. In its fourth report, IIF and Oliver Wyman surveyed the progress made by global wholesale banks and found that the FSB's standards have been largely embedded into the business practices of the industry. Survey respondents generally believe that practices have been reformed in five main areas: improved alignment of compensation with risk-adjusted performance; tightening the governance of compensation; increasing the use of deferrals, vesting and clawback arrangements; limiting the use of guaranteed bonuses; and enhancing public disclosure. Survey respondents indicated that the implementation of the FSB standards has been substantively completed and that progress on further embedding the reforms within the business culture of the firm would continue.