PRA Issues Policy Statement on Bonus Clawback

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On July 30, the Prudential Regulation Authority (PRA) issued a policy statement in respect of responses received to its consultation on proposals to extend the Remuneration Code to require all PRA-authorized firms to ensure that vested bonus awards can be clawed back from individuals where necessary. Appendix 1 of the policy statement contains the final rules on bonus clawback, which will enter into force on January 1, 2015. Policy Statement.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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