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PPI Claim News - 26/1/2010

PPI Claim: HSBC chairman condemns 'distorted' bonus schemes

The chairman of the UK's largest bank has attacked the system that awards millions of pounds to bankers in bonuses.

In an interview with the Financial Times, HSBC's Stephen Green, who also chairs the British Banking Association, said bankers should expect to see lower payouts over the next few years as the leading banks seek to restore public faith.

Mr Green described the current system as "distorted" and misleading and said that greater clarity needs to be established.

"You've had bonuses paid off gross income, you've had bonuses paid off first-day [profits], you've had bonuses paid without any capital charge, and so you can see how that gives rise to the wrong and frankly inflated numbers [we've seen]."

His comments come at a time when the future of bonus schemes looks uncertain.

Yesterday the city minister Lord Myers met with the G7 in Downing Street to discuss possible reforms to the banking system amid mounting public pressure to place more stringent restrictions on bankers.

Mr Green told the news provider he believes that with the right changes the UK can return to a financial market they we will no longer need to feel "ashamed" of.

If you would like to make a credit card charges claim to get back all your late payment / over limit fees in the last 6 years from HSBC then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000 .ADNFCR-2776-ID-19578423-ADNFCR

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