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Lloyds staff to lose bonuses over PPI claims

Staff at Lloyds Banking Group are being forced to give back previous bonus payments, as the row over payment protection insurance (PPI) mis-selling rumbles on.

The institution - which has been the subject of a financial bailout - is the first bank to take such drastic measures and it is thought that up to £2 million will be clawed back.

It had come under increasing pressure from the Financial Services Authority and other groups to not only restrict 2012 bonus payments, but also to demand money back from bankers who were directly involved in the PPI scandal, which has cost the firm millions of pounds.

Just a few weeks after Royal Bank of Scotland chief Stephen Hester rejected a near £1 million bonus, it appears that former leader of Lloyds Eric Daniels will have to pay back a six-figure sum that he received in 2010.

The PPI situation hit the bank hard and it has set aside a pot of £3.2 billion to cover successful claims for compensation. With this in mind, many campaign groups felt that bankers who were accountable for the losses were not worthy of financial perks.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801296576-ADNFCR



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