Bank of England loosens banker bonus rules

British bankers will receive their next bonuses faster under reforms announced by the Bank of England on Wednesday to cut the deferral time on payouts to senior financiers more than initially proposed last year.

The BoE’s Prudential Regulation Authority said it would cut the time senior bankers have to wait before receiving their full bonuses from eight years to four years to bring the UK in line with other юрисдикции. The PRA had initially proposed a new deferral period of up to five years.

The reforms, which come into force on Thursday, will apply to the next round of bonuses awarded in the City of London early next year.

The changes mark a significant easing of the rules UK regulators introduced after the 2008 financial crisis, in response to public anger that many of those blamed for the crash walked away with big Изплащания.

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