Bankers Bonus Pay Back 7 Years On.

Bankers Bonus Pay Back 7 Years On.

The Bank of England (BoE) has announced new plans which will see bankers that perform badly paying their bonuses back up to seven years on after being given them. Even bonuses that were given in the form of shares and have since been cashed and spent would need to be paid back.

At the moment bankers whose actions cause a bank to fail can already be jailed or hit with unlimited fines.

The banking industry has already voiced disapproval of the new plans stating that it will put UK banks at a disadvantage when compared with banks elsewhere. The bonuses that bankers receive can sometimes amount to double their basic salary and they get these annually.

The new plans are just one of the latest ideas to tackle the banking sector in an effort to ensure nothing like the 2008/09 financial banking crisis happens again. The banking crisis saw billions of the taxpayers money used to bailout banks such as Royal Bank of Scotland and Lloyds, with only a few select bankers being punished for unacceptable behaviour.