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PPI Claim News - 4/2/2010

Bank Charges: Bankers 'pip' up thanks to bonus windfall

A number of city bankers are set to benefit from a quirk in the system that will result in a windfall of millions of pounds worth of bonuses.

Credit Suisse's payment incentive programme (pip) was set up in 2004 in a bid to encourage staff to contribute to the recovery of the then struggling bank.

However, bankers now accessing pip will evade both the supertax imposed on bonuses of over £25,000 and the 50 per cent income tax hike, which comes into effect this April, according to the Times.

The news provider states that the five-year incentive programme may see Credit Suisse hand out stock worth about £1 billion.

When divided between its 300 worldwide bankers, this is the equivalent to an average payout of around £3 million.

The revelation follows Credit Suisse's announcement to cut the bonuses of its highest earning UK professionals by 30 per cent.

Earlier this week bankers at the Royal Bank of Scotland received the welcome news that they would still be able to claim large bonuses in the form of shares, a large proportion of which can potentially be sold for financial remuneration.

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 Credit Suisse then fill out the Quick Claim or call Belmont Thornton on 0845 526 0000ADNFCR-2776-ID-19597583-ADNFCR

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