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Bank charges news: Bonuses must be scrutinised further

With many struggling Britons being forced to pay bank charges when they exceed their overdraft, it is understandable that many people resent the huge bonuses that are issued to bankers each year.

The most high profile case in recent weeks has been the situation surrounding Royal Bank of Scotland chief Stephen Hester, who eventually turned down nearly £1 million worth of perks after coming under increasing pressure from campaign groups and the general public.

Now, treasury secretary Danny Alexander has called for greater scrutiny over bonus payments.

He told the Daily Telegraph that the concept of rewarding failure needs to be stopped immediately and too many UK bankers are receiving money that they barely deserve.

"This is not about getting rid of performance pay. It is about making sure that performance pay is there for genuine excellence and not just run-of-the-mill performance," he told the news provider.

The issue is particularly raw this year, as many banks have been forced to pay out huge sums to customers who were mis-sold payment protection insurance and senior government figures - including deputy prime minister Nick Clegg - have suggested recently that these losses should be taken into consideration when calculating bonuses.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801293060-ADNFCR



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