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News

Despite Missold PPI Claims, HSBC Awarded Top Earners Nearly £30m in 2011

Despite being involved in the ongoing issue regarding missold payment protection insurance, HSBC awarded eight of its highest-earning senior executives below board level a staggering £29.25m in 2011. In addition, chief executive Stuart Gulliver was given a £6.6million pay package including salary, benefits, allowances and bonuses.

Gulliver’s pay deal involved £1.25m in salary – up from £800,000 in 2010 – as well as £793,000 in benefits and £4.56m in bonus payments. The details were released in the company’s financial report, which also documented a 55% increase in bonuses, boosted by £3.7m worth of restricted share awards made for 2009 and 2010, which helped to drive a 69% rise in the overall payment to Mr. Gulliver.

In addition to his salary, Gulliver was awarded a £2.16m annual bonus in the form of restricted shares, with £1.29m being deferred over three years. In 2010, he asked for all of his bonus to be deferred.

The bank said that 60% of the group bonuses from 2011 in the form of shares will be deferred over a three year period. During this time the remuneration committee are able to retract part of or the entire award.

The latest figures are likely to anger people further still, with banks under increasing pressure to appease investors, politicians and regulators over the high payments and bonuses given to top executives. HSBC said that it has already “exercised a clam-back option” on bonuses previously awarded in relation to events which included the misselling of payment protection insurance, (PPI).

HSBC set aside a figure of around $440m in 2011 for compensation to customers who were improperly sold the cover in situations which included being part of a loan so that borrowers could continue with their repayments in the event that they became ill or unemployed before paying back the full amount.

A number of top UK consumer groups have alleged that this insurance was missold to a huge number of customers who either shouldn’t have been sold the cover, or were unaware that they were even buying it. HSBC were not the only bank to set aside such a large figure, banks such as Lloyds and Santander had also prepared for missold PPI compensation claims.

If you feel as though you are entitled to make a claim for missold PPI, we can help you with your case. Contact us on 01733 393399 and we’ll help to establish whether or not you are entitled to claim back your cash. On average, Creditline Financial’s successful claimants have regained £2,100 so don’t delay call today.

Posted by Chris White on 02 Mar 2012

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