Bank of England plans to force badly-performing bankers to pay back bonuses could hurt London as a financial centre, the banking industry has said.
The new rules could put UK banks at a disadvantage compared with banks elsewhere, an industry body said.
Bankers may have to give back bonuses up to seven years after being awarded them.
Even if share awards have been cashed and spent, bankers could be asked to pay the money back.
Many bankers receive a substantial chunk of their pay in the form of an annual bonus, which can be up to double their basic salary.
'Toughest regime'
Under current rules, that bonus is usually deferred for a period of three to five years, during which time it can be clawed back if appropriate.
But misconduct such as rigging interest rates or reckless risk-taking can take longer to emerge, so under the new policy, bonuses may be clawed back up to seven years later.
"We have the world's largest international banking sector and we do have to make sure that we can continue to employ banking talent from around the world."
Bankers who are found guilty of "causing a bank to fail" by taking a "reckless decision" can already be sent to jail, or given unlimited fines
BBC News - New banker rules 'could hurt London as a financial centre'
Given the last line, can anyone name the bankers who have been found guilty of misconduct for causing the problems in 2008 which led to public money having to be used to bail them out and causing the worst recession????? Name one who was even implicated, let alone lost their bonuses? fake promises by a desperate government to try to look tough in front of Joe Public when in reality not one cking banker suffered or lost any money as a result of the sh*t they caused.
I'd like to see those who caused it lose everything they ever got to repay the debt they owe the UK public, but bankers having to repay money and that money going back to pay of the national debt? - not a cking chance. Old boys club.....
The new rules could put UK banks at a disadvantage compared with banks elsewhere, an industry body said.
Bankers may have to give back bonuses up to seven years after being awarded them.
Even if share awards have been cashed and spent, bankers could be asked to pay the money back.
Many bankers receive a substantial chunk of their pay in the form of an annual bonus, which can be up to double their basic salary.
'Toughest regime'
Under current rules, that bonus is usually deferred for a period of three to five years, during which time it can be clawed back if appropriate.
But misconduct such as rigging interest rates or reckless risk-taking can take longer to emerge, so under the new policy, bonuses may be clawed back up to seven years later.
"We have the world's largest international banking sector and we do have to make sure that we can continue to employ banking talent from around the world."
Bankers who are found guilty of "causing a bank to fail" by taking a "reckless decision" can already be sent to jail, or given unlimited fines
BBC News - New banker rules 'could hurt London as a financial centre'
Given the last line, can anyone name the bankers who have been found guilty of misconduct for causing the problems in 2008 which led to public money having to be used to bail them out and causing the worst recession????? Name one who was even implicated, let alone lost their bonuses? fake promises by a desperate government to try to look tough in front of Joe Public when in reality not one cking banker suffered or lost any money as a result of the sh*t they caused.
I'd like to see those who caused it lose everything they ever got to repay the debt they owe the UK public, but bankers having to repay money and that money going back to pay of the national debt? - not a cking chance. Old boys club.....
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