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Which? says banks should follow Lloyds' example over PPI claims

Which? has called on other banks who may have mis-sold Payment Protection Insurance (PPI) to follow the lead of Lloyds and claw back bonuses from any directors who presided over these sales.

The consumer advocacy group has called on HSBC, the Royal Bank of Scotland, Santander and Barclays to reclaim cash from senior executives.

It warned if they fail to do so, they could be in breach of the Financial Services Authority's renumeration code, which states this should occur if there has been a "material failure of risk management" from an organisation.

Lloyds is expected to recover as much as £2 million from its staff and the bank has set aside £3.2 billion to cover PPI compensation claims.

Chief executive Eric Daniels will undergo a 40 per cent reduction in his bonus, cutting it from £1.45 million to £870,000.

"Since 1998, Which? repeatedly warned banks about PPI mis-selling and the failure of executives to heed these warnings has eroded consumer trust and resulted in big losses for banks," the watchdog declared.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801298404-ADNFCR



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