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Rule-breaking bankers set to have bonuses clawed back

Rule-breaking bankers could have their bonuses taken away from them under new plans set announced by the Bank of England.

Despite reports that the clawback could retrospectively punish bad behaviour, the Bank said the rules would only come into effect in 2015.

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Bonus clawback 'will only be active from 2015'

Rules allowing regulators to claw back bonuses will only come into effect in 2015, an industry regulator has announced.

The Bank of England's Prudential Regulation Authority said trying to apply the new rules retrospectively would mean many firms would be "open to challenge" from employees.

"In order to ensure a consistent and even application of the clawback requirement across industry, the final rule requires the application of clawback only to awards made on or after 1 January 2015," the PRA said.

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