UK banks to face tighter oversight of management and conduct

PRA and FCA unveil new rules on bank bonuses and approval process

money-and-locks

Longer deferrals for compensation, new rules on clawback and a complete overhaul of the approval system for senior bank employees are on the cards for UK banks, according to three regulatory documents released today. The UK Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) described plans today to extend the scope of approval and conduct supervision beyond the current level to include almost all bank employees. The consultative paper on individu