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News

24 Jun 2015 | 11:00 AM
British Regulators Extend Clawback Rules for Bankers Pay

Top executives and managers at banks operating in Britain could have their bonuses clawed back for up to 10 years


Top executives and managers at banks operating in Britain could have their bonuses clawed back for up to 10 years after any finding of misconduct under new rules announced by British regulators on Tuesday.
 

The move extends a seven-year clawback period that one regulator, the Prudential Regulation Authority, introduced for so-called variable pay last year as part of tougher accountability rules. The new rules announced by the authority, which is part of the Bank of England, and by another regulator, the Financial Conduct Authority, are the latest effort by financial regulators in Europe to hold bankers accountable for improper actions that could play a role in precipitating future financial upheavals.

 

Under the new framework, senior managers, risk managers and others at banks will also be asked to defer more of their variable pay for a longer period, making it easier for regulators and financial institutions to recover bonuses if misconduct is uncovered.