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PPI - Lloyds bank looking closely at bonus payments - Finally !

Eric Daniels stepped down as chief executive of Lloyds in March this year. In November, Lloyds' current chief executive, Antonio Horta-Osorio, couldn’t handle the heat any longer, and took extended leave due to stress-related illness. Mr Daniels walks away with a bag full of cash totalling around £1.45m.

 

However, Lloyds Banking Group is looking to "claw back" up to half of the bonus it awarded to its former chief executive: as a result, the firm’s lawyers have informed Mr Daniels and other senior executives that it is considering withholding part of their bonuses. How on earth can the banks continue to justify these scandalous payments?

 

The part-nationalised bank is taking this action following its announcement of losses totalling around £3.9bn loss for the first nine months of 2011. As expected, a spokeswoman for the bank refused to comment on Mr Daniels' bonus.

Reports claim that Mr. Daniels could loose between one third and one half of his bonus payment. This is the first time a major UK bank has considered withholding a bonus payment to a board-level executive.

 

Following the PPI scandal, Lloyds announced earlier in May that it was setting aside a compensation pot of up to £3.2bn to cover the cost of compensating people over its mis-selling of payment protection insurance.

Now that compensation is finally being paid to customers who have been poorly advised or mis sold PPI you should perhaps check whether you have a PPI claim for consideration, even ifs from a few years back – it won’t take long to find out if you do. It is thought there are still many UK bank customers who have yet to step forward and make their claim.  If you are one of them, the sooner you start the ball rolling, the better.

 

It is easy and understandable for consumers to now dismiss all PPI as a scam, something not to be touched with even the longest of barge poles; but the mis selling of PPI doesn’t mean you shouldn’t protect yourself against illness or unemployment…if you are eligible!. It just means you should read the small print more carefully – because it’s going to be awfully hard to trust anyone for awhile. PPI has a bad reputation, but this is not the fault of the product itself.

 

The scandal of the financial services industry mis-selling PPI is still an open wound, one that will take quite some time to heal. The fact banks and other providers have dragged their feet shamelessly with regard to repaying the tens of thousands of innocent customers due compensation, does nothing to help restore damaged confidence and trust in our financial institutions.

 

Here at Consumer Finance Claims we look to recover the full cost of the policy plus interest if we believe that you can claim back PPI:  even if the loan is still running we can look to reduce your ongoing payments as part of our negotiations






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


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