Bank of England unveils plans to lock up bankers' bonuses for seven years

city of london
The City of London

UK bankers could be forced to pay back bonuses up to seven years after receiving them, under a new rule unveiled today by the Bank of England (BoE) that will come into force on January 1, 2015.

The BoE also said it wants to lock up the bulk of bonuses that banks award their senior managers for a minimum of seven years, and create a new approval regime for "individuals whose behaviour and decisions have the potential to bring a bank to failure," in new, separate consultation papers.

The tougher r

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