This consultation paper sets out a proposal on extending the Remuneration Code  to require all Prudential Regulation Authority (PRA)-authorised firms to amend employment contracts to be able to apply clawback to vested variable remuneration on a group-wide basis.
This consultation closed on 13 May 2014.
Please address any comments or enquiries to: firstname.lastname@example.org
Clawback - CP6/14
1. The Remuneration Code (The Senior Management Arrangements, Systems and Controls (SYSC) 19A sourcebook of the PRA’s Handbook) sets out the standards that banks, building societies and designated investment firms have to meet when setting pay and bonus awards for their staff. It aims to ensure that firms’ remuneration practices are consistent with effective risk management. Any amendments will have no impact on the PRA’s existing approach to proportionality: Remuneration standards: the application of proportionality.