The proposals come amid a fierce debate over bankers' remuneration and hostility towards the financial industry. The new plans build on the PRA's existing powers to stop firms from paying bonuses.
But not all experts are convinced that the clawback proposals will stamp out misbehavior in banks.
"While any measure to reduce excessive risk-taking by bankers at the expense of taxpayers is a step in the right direction, I doubt a clawback is as effective as a limitation on bonuses," Thorsten Beck, professor of banking and finance at Cass Business School, told CNBC in an emailed comment.
"Limiting variable compensation reduces incentives ex-ante, clawbacks impose the burden on regulators to prove wrong-doing after the fact. And not every excessive risk-taking can be classified as wrong-doing. So, this seems very much a second-best approach."
(Read more: Lloyds returns to profit, bonus pool $655 million)
If the rules are agreed by the Bank of England, they could be rolled out from the beginning of 2015.
The U.K.'s central bank is also investigating whether top banks have flouted European Union rules that state that bonuses can be no higher than an individual's fixed salary, or twice that amount with the consent of shareholders. Barclays and Lloyds are handing out huge share awards to top executives in an attempt to sidestep the bonus cap, while some institutions are considering hiking basic pay.