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Consumer Magazine Joins the Fight Against Missold Payment Protection

Consumer magazine Which? has given its backing to groups attempting to persuade bank executives to return the bonuses they received in relation to missold payment protection insurance. In a letter to the remuneration committees of banks involved in the PPI scandal that has gripped the UK in recent years, Which? have stated that they would be breaching the City regulator’s pay code unless they cancel or return all bonuses.

The Financial Services Authority, (FSA), have made a similar appeal, calling on the banks themselves to “claw back” the bonuses they handed out to those responsible for missold PPI, even if the individuals no longer work for the bank.

Five of the biggest banks in the United Kingdom – Barclays, Lloyds, the Royal Bank of Scotland, HSBC and Santander – have set aside a combined sum of more than £6 billion to compensate customers who were missold the insurance. Barclays (who have set aside £1.16 billion) and RBS (who have ring-fenced £1.05 billion) both claim that they had largely stopped selling PPI by the time the FSA’s remuneration code was introduced in 2009.

The code was the first time claw back provisions were placed within the contracts of bank executives, and the concern among firms such as Which? and the FSA is that given the early profitability of PPI, some of the bonuses are likely to be astronomical. The rules within the code state that deferred awards can be cut if the business suffers a material failure of risk management or downturn in performance, something Richard Lloyd, executive director at Which?, feels is evident here.

Lloyd said that this is “one of the clearest examples of unfair treatment of customers and reward for failure on an industrial scale. There has been a lot of rhetoric from the government and banks about linking performance to pay and this will be the test to see what that rhetoric means in practice.”

If you think you have been affected by missold payment protection, then you can find out how to claim back PPI by talking to Creditline Financial. Contact us on 01733 393399 to discuss your situation, or use our PPI calculator to estimate how much you could be entitled to claim back.

Posted by Chris White on 10 Feb 2012

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