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Banker bonus clawbacks proposed in new rules; In Brief.

RECKLESS bankers could be stripped of bonuses even after cashing them in under plans set out by the Bank of England.

The Bank is proposing new rules to toughen up the remuneration code that would see employment contracts changed to allow for clawback of bonuses already pocketed.

Regulators have the power to force firms to halt bonus payments that have not yet been cashed in, but once paid they are immune from clawback.

The Bank is carrying out a two-month consultation on the plans where there is evidence of employee misbehaviour or signifi-cant error, where a firm has suffered a material financial hit, or where there has been failure in risk management.
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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Mar 14, 2014
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