Question to the HM Treasury:

To ask Her Majesty’s Government what steps they plan to take to strip traders who disregard banking standards, such as by engaging in insider trading, of any bonuses they may have received.

Senior and highly paid bank employees in the UK are subject to the Remuneration Code, which has been strengthened under this Government. The Code requires that at least 40% of any bonuses they receive must be deferred over at least three years, and can be reduced or cancelled if poor performance or conduct issues subsequently come to light.

Furthermore, from 2015 the Prudential Regulation Authority is requiring that all variable pay for senior bankers can be clawed back for seven years following award by employers where there is evidence of employee misbehaviour or a material failure of risk management.