So reports SKY news’s Mark Kleinman on twitter.
He says that;
“clawback for bonuses awarded after Jan 1, 2015. Either 6 or 7 years will make UK rules the toughest of any major financial centre”
Here’s a link also top the his full story
Members of the BOE have previously been pushing for long deferrals in bonus payments and they may have compromised by going down the clawback route.
There’s been much talk that too strong restrictions will see the City lose its big executives as they transfer to countries and offices outside of the rules but I expect that they’ve already been planning how to circumvent the rules anyway, and the BOE/Government/Regulators will be aware of the risk to our financial service industry.
Perhaps we’ll see tomorrow how strong the new rules will be.
