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The Bank of England is consulting on proposals to require all firms authorised by the Prudential Regulation Authority (PRA) to amend employment contracts to ensure bonus awards that have been vested can be clawed back from individuals where necessary.
Published on
13 March 2014
The Bank of England already has powers to require firms to stop payment of unvested bonuses, called malus; the proposals in today’s document would represent a further strengthening of the remuneration code.