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Banks Told To Reclaim Bonuses Over Ppi


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Banks Told To Reclaim Bonuses Over PPI

Banks have been told to claw back bonuses from executives involved in Payment Protection Insurance mis-selling, Sky sources have said.

I can't see them being too happy about doing this. I mean, if you clawed back all the bonuses earned by banks' misselling it would never end.

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This is a step in the right direction - if your bonus was linked to a performance target that you achieved either illegally, or via some kind of smoke and mirrors manipulation, why shouldn't the issuer be able to take it back? They should have this in the terms of employment, maybe a reasonable time period would be 10 years.

They should certainly be looking at the sales of mortgage backed securities 2004-2008 as well...

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I know one guy that was selling consumer loans with PPI for a high-street bank and is now considering leaving to start his own claim company using his customer list. He would effectively claiming against himself, with the bank footing the bill.

You may laugh, but similar situations already exist. Some solicitor firms which get involved in PPI claims are the same solicitor firms who did the legal work for sub prime borrowers under the 'right to buy' scheme. Companies were falling over each other to get the sub prime RTB borrowers on their books, the 25% discount under RTB instantly gave a nice chunk of equity which could be used for, amongst other things, PPI premiums. You can look through the file on a complaint submitted by a solicitor, and find the same firm's letterhead in the sales documents. Beggars belief.

Edited by cheeznbreed
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Bonuses?!

It was fraud.

How about clawing back their salaries, seizing their assets including pensions, and charging them with fraud.

Cameron's attempting to protect his own by framing the debate in terms of 'bonuses' and knighthoods only.

It won't wash. Criminal charges and asset seizures are in order. #FAIL

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Bonuses?!

It was fraud.

How about clawing back their salaries, seizing their assets including pensions, and charging them with fraud.

Cameron's attempting to protect his own by framing the debate in terms of 'bonuses' and knighthoods only.

It won't wash. Criminal charges and asset seizures are in order. #FAIL

And when all the fraudsters have been locked up, where is the money coming from to pay the states bills?

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