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Is RBS chief being unfairly targeted over PPI claims?

Chief executive at the Royal Bank of Scotland (RBS) Stephen Hester is being "unfairly targeted" by the Financial Services Authority (FSA), which has called for his bonus to be trimmed to account for losses made through payment protection insurance (PPI) mis-selling claims.

This is the view of head of the British Bankers' Association Angela Knight, who told the Daily Telegraph that Mr Hester - who was tasked with rejuvenating the troubled state-owned bank - has done a decent job in extremely difficult circumstances.

Her comments come after the FSA called for bankers' perks to be lowered, as many banks are being forced to pay out billions in compensation to people who have been incorrectly sold PPI cover.

Ms Knight feels that the people who should be punished for the banking errors have long gone and those who are trying to tidy up the mess are being held accountable.

"Much of the debate about pay is targeted at those who have come in to sort it out," she was quoted as saying.

Last week, prime minister David Cameron insisted that bankers' bonuses would be lower this year.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801273172-ADNFCR



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