News Column

CBI Responds to New Bank of England Clawback Plans

July 30, 2014

LONDON, July 30 -- The Confederation of British Industry issued the following news release:

The CBI responded to new rules from the Bank of England to clawback bonuses for misconduct in banking.

John Cridland, CBI Director-General, said:

"Pay deferral and clawback will make sure that performance and remuneration are aligned for the long term and can help keep conduct in check.

"But as these new rules are amongst the toughest in the world, we need to be careful we don't create uncertainty which might make it increasingly hard to attract talent to London. The Government needs to work hard to ensure the UK remains competitive as a leading global financial centre."

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Source: Targeted News Service

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