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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