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PPI claim news: Fury over RBS chief bonus

With banks forced to pay out huge sums to successful payment protection insurance (PPI) claimants, news that the leader of the Royal Bank of Scotland (RBS) is set to receive a near £1 million bonus payout has outraged many Britons.

Stephen Hester will receive 3.6 million shares in the bank, adding up to a total of £963,000, which is said to be 60 per cent of his entitlement.

The bank is currently majority owned by the government, after it was forced to use taxpayers' money to keep the institution afloat and news of Mr Hester's huge reward has not been well received.

Shadow business secretary Chuka Umunna told the BBC that he would not have given Mr Hester any bonus payout at all.

"People listening to this programme will be flabbergasted that nothing has been done about this," he was quoted as saying.

David Cameron and Nick Clegg had insisted recently that employees at state-owned banks would not receive excessive bonuses this year.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801276543-ADNFCR

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