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News

Lloyds to Reclaim Bonuses from Staff who Missold Payment Protection Insurance

The Lloyds Banking Group is to arrange for the repayment of parts of the bonuses paid out to senior staff as a penalty for the costs incurred as a result of missold payment protection insurance, an issue that has infuriated the UK public in recent months.

Former chief executive Eric Daniels is one of ten senior past and present employees who will have to hand over a combined £2million. Lloyds are able to claim part of the bonuses back because they were awarded in the form of shares over a three-year period rather than cash so not all of the bonuses have been paid out yet.

Mr. Daniels is expected to have to repay around 50% of his £1.45million bonus, meaning he’ll be handing back between £600 and £700,000. Other top bosses at the bank including three board members will be paying back almost a quarter of a million pounds, while four other staff members will hand back around £100,000.

The move to reclaim the bonus payments has come after a number of top financial companies were put under pressure to act against individuals who had made their bonuses for what is essentially poor or illegal practices. However, despite the repayments, the staff involved in the reclaim process will have received substantial rewards that they will hold on to, even though the Lloyds Banking Group required a £21billion taxpayer bailout.

The payment protection scandal has seen millions of customers around the country sold the insurance that was effectively worthless. Following a High Court ruling that went against the banks and in favour of the Financial Services Authority (FSA), Lloyds made the decision not to challenge the case and made provision of £3.2 billion in its 2011 finances for compensating customers.

The FSA have since urged banks to claw back the bonuses they paid out and Lloyds are the first to do so. The Lloyds share price has plummeted throughout 2011 and continued to decrease in early 2012 and current chief executive Antonio Horta-Osorio said that he would not be accepting his annual bonus for 2011.

If you think you’ve been affected by missold payment protection insurance, contact us on 01733 393399 and the team at Creditline will tell you how to claim back PPI that you’re entitled to.

Posted by Chris White on 24 Feb 2012

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