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Wednesday 30 July 2014

BRITISH BANKERS MAY BE SUBJECT TO WORLD'S TOUGHEST BONUS CLAWBACKS


Staff at British banks could be made to hand back bonusesmore than six years after the money has been paid to them under a regime that will amount to the world's toughest rules on clawing back remuneration.
In a policy statement to be published on Wednesday, it will confirm that banks will have to amend the employment contracts of senior staff in order to implement the new rules, which will come into force on January 1 next year.
Coming in the wake of a series of market manipulation and mis-selling scandals which have triggered tens of billions of pounds in fines and compensation to consumers, the tougher pay framework is likely to be welcomed in Westminster but spark opposition from bank executives who argue that the City's international competitiveness will be undermined.
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