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Bankers' bonuses 'should reflect PPI claim losses'

Bankers' bonus payments should be reduced to account for the amount of money that institutions have lost through payment protection insurance (PPI) payouts.

This is the view of industry regulator the Financial Services Authority (FSA), which has called on bank directors to recoup some of the huge sums that have been lost as a direct result of mis-sold PPI cover.

A pot containing almost £6 billion has been set aside for the UK's biggest five banks to cover successful PPI claims and, although the FSA has no power over bankers' bonuses, it is increasing the pressure on shareholders.

Earlier this month, an FSA spokesperson commented: "We are vigorously engaging with the major UK banks to ensure they comply with the FPC's recommendation to retain capital by reducing distributions such as bonuses."

Last week, prime minister David Cameron insisted that the government was committed to ensuring bankers at companies that have been the subject of a taxpayer bail-out - such as Lloyds and the Royal Bank of Scotland - will not receive excessive bonuses this year.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801271407-ADNFCR

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