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.
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