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By Huw Jones
LONDON, Jan 13 (Reuters) - The Bank of England has proposeda new rule for recovering bonuses of rule-busting bankers whohave moved to a new employer.
Britain already has among the world's toughest rules on banker pay, introduced amid public anger over lenders beingbailed out by taxpayers in the financial crisis and bankerspocketing big payouts at a time of austerity for most people.
These rules allow for a bonus to be cut, stopped or clawedback.
But regulators said on Wednesday they wanted to go furtherto crack down on so-called "rolling bad apples" or bankers whopocket a bonus and then join another lender before any recklessbehaviour is uncovered.
"Individuals should be held accountable for their actionsand not be able to actively evade the consequences of theiractions," Bank of England (BoE) Deputy Governor Andrew Baileysaid in a statement.
"Today's proposals seek to ensure that individuals are notrewarded for bad practice or wrongdoing and should help toencourage a culture within firms where reward better reflectsthe risks being taken," said Bailey, who also heads the BoE'sbanks supervisory arm, the Prudential Regulation Authority.
The proposed new rule targets buyouts, or when a bankcompensates new employees for unpaid bonuses that were cancelledwhen they left their old bank.
Regulators say that undermines the ability to claw back abonus which has been paid or withhold or cut the unpaid portionof a bonus, when misconduct is later discovered.
The proposed rule states an employee's new contract wouldallow for a bonus to be recovered or not paid should theperson's former employer determine guilt in misconduct or riskmanagement failings.
"The proposed rules would also allow new employers to applyfor a waiver if they believe the determination was manifestlyunfair or unreasonable," the BoE said.
The proposals, put out to public consultation, would make itimpossible for a banker to wipe the slate clean by changingjobs, said Alexandra Beidas, an employment lawyer at Linklaters.
"It remains to be seen if this will be workable in practiceas it will involve sharing potentially sensitive informationbetween banks," Beidas said.
Last year, the BoE said it would stop short of actuallybanning buyouts as it would most likely lead to a competitivedisadvantage for British firms given there is no similar rule inother financial centres around the world. (Reporting by Huw Jones)
