Rogue Bankers face Bonus clawbacks

Hi All,

The Bank of England has launched new rules that will have many city Forex Traders having sleepless nights.

Rogue Bankers and their bosses will have to hand back bonuses up to six years after hey have been paid under new proposals designed to curb city excesses.

This new rules will apply from the 1st January 2015 for all regulated firms.

So any Trader that breaks the rules or causes significant losses could be liable to repay bonuses up to six years.

The regulator has said the claw back “should not be limited to employees directly culpable of malfeasance,” but include all those that could have been “reasonably expected to be aware of the failure or misconduct at the time.” In particular, those deemed “by virtue of their seniority” to be “indirectly responsible or accountable” for the failure – including “senior staff in charge of setting the firms culture and strategy.”