LONDON (Reuters) - Britain's opposition Labour party said on Friday it would extend to at least 10 years the length of time over which miscreant bankers face having their bonuses clawed back if it wins a national election in May.
As part of a regulatory clamp down on wrongdoing in the financial sector, the Bank of England last year announced bankers could have their bonuses clawed back for up to seven years from the date they were fully paid out.
Setting out his party's plans to reform the banking sector, Labour finance spokesman Ed Balls said that was "too weak".
"We need major reforms and long-term cultural change to restore trust and ensure our banks start working for consumers and businesses again," he said. "We will ensure people involved in misbehaviour and misconduct would have to give back their bonuses for at least a decade after they have been paid out."
Balls said Labour, which is level or just ahead of Prime Minister David Cameron's Conservatives ahead of the May 7 vote, would also enact a law requiring banks to publish the number of employees earning more than 1 million pounds.
