Wealth firms are growing concerned a regulatory crackdown on bonuses within the UK banking sector could end up impacting the investment management industry.
The Bank of England is attempting to change the way banking remuneration is structured as it moves to steer the industry away from what it sees as a short-term focus that rewards unnecessary risk-taking. Proposals published by the Bank earlier this year, subsequently consulted on by the Bank’s Prudential Regulation Authority (PRA) unit in conjunction with the Financial Conduct Authority (FCA), represent regulators’ most forceful attempts yet to improve accountability. Among the standout points is the proposal that bonuses could be clawed back for a minimum of seven years after they ha...
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