UK: BoE: banks can recoup bonuses

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Banks operating in the UK should amend employee contracts so they could recoup bonus payments from workers who exceeded their risk limits or broke financial conduct rules, the Bank of England (BoE) said yesterday. The bank’s proposed rules on bonus clawbacks would allow lenders to retrieve bonuses for up to six years after they were paid, starting next January, the Prudential Regulation Authority (PRA), a unit of the BoE, said. The UK prefers clawing back compensation over imposing caps on bonuses, which PRA chief executive Andrew Bailey has said would lead to higher pay. – Bloomberg


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