BoE moves to close bonus clawback loophole

Bank of England
The Bank of England

The Bank of England (BoE) has taken steps to close a loophole in the rules for "clawing back" bankers' bonuses in cases of wrongdoing, unveiling proposals on bonus buy-outs today (January 13).

As part of the new UK regulatory regime that aims to promote accountability in banking, any bankers found guilty of wrongdoing may see their bonuses subject to malus, where the unpaid value of the bonus is reduced, or clawback, where a bonus already paid must be returned.

The practice of buyouts, where a

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