PRA bans bonuses for management of tax-payer backed banks

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have today published new remuneration rules, which include changes to deferral and clawback of variable remuneration (e.g. bonuses). The new framework aims to further align risk and individual reward in the banking sector to discourage irresponsible risk-taking and short-termism,…