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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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Cable: New bonus clawback plans a 'positive step'

New rules which could mean rule-breaking bankers having their bonuses taken away are a 'big positive step', said Business Secretary Vince Cable.

The regulations will make bankers operate 'more responsibly' he said.

Vince Cable welcomed the new rules on bank bonuses.

" I don't think anyone would have a quarrel with this. We have suffered enormously from the collapse of the banking system. We need to have a system of penalties in place to make sure this doesn't happen again," Dr Cable added.

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