Andrew Bailey, head of the UK Prudential Regulation Authority, says capping bankers' bonuses could do more harm than good. He is concerned that the EU proposal would "make the cost base inflexible and make it more difficult to retain earnings and build capital". Bailey's preference: "Clawing back unvested remuneration when things have gone wrong is a big part of what we are pushing for. We favour longer time periods for vesting."

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