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Bank charges: IOD hits out at bankers’ pay

Banks have been criticised by the director general for the Institute of Directors (IOD), Simon Walker, for the high earnings of some of their staff.

In a speech to the Chartered Institute of Public Relations, Mr Walker criticised the fact that hundreds of staff at Royal Bank of Scotland (RBS) and Barclays had earned over £1 million last year despite having to pay out for financial scandals.

Two of the financial scandals that have hit Barclays and RBS are the mis-selling of payment protection insurance (PPI) and the fixing of the Libor rate.

RBS and Barclays were fined £390 million and £290 million by regulators for taking part in fixing the Libor rate.

Banks are being investigated worldwide as it was found that some had taken part in fixing the global benchmark rate for financial transactions.

In the UK, banks including RBS and Barclays have had to set provisions aside to pay for consumer claims on mis-sold PPI.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801556588-ADNFCR

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