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Lloyds fined for PPI payment delay by FSA
Lloyds Banking Group has been fined £4.3m for delaying compensation payments to customers over Payment Protection Insurance (PPI) mis-selling. The Financial Services Authority (FSA) said that 140,000 customers did not receive their payments promptly. Hundreds of thousands of people have received redress after they were mis-sold PPI they did not want or need. Lloyds, which has apologised, is the first bank fined by the FSA specifically for delaying payments. The bank said it had been surprised by the influx of claims last year. "We had not fully anticipated the volume of complaints to be processed at the outset and experienced some administrative errors as we scaled up our systems and processes," said a spokesman for the ban.....Read more hereYou must be logged in to post a comment.
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Pressure is mounting on the boss of Lloyds to give up his bonus after the bank was rocked by yet another hit relating to a mis-selling scandal. The Financial Services Authority yesterday fined the taxpayer-backed lender £4.3m for delays in paying out compensation to 140,000 customers mis-sold payment protection insurance. It is another humiliation for the bank which, analysts believe, could see its PPI bill jump from the £5.3bn already set aside to £6.3bn. Lloyds chief executive Antonio Horta-Osorio immediately came under pressure to waive his bonus for 2012, which could be as big as £5.3m on top of his £1.1m salary.......Read more here
Lloyds Banking Group is finalising plans to pay its chief executive an annual bonus of approximately £1.4m, although he will not receive it until taxpayers' stake in the bailed-out bank breaks even. I have learnt that directors of Lloyds will meet early next week to sign off on the plan, which will be announced alongside the full-year results of Britain's biggest mortgage lender next Friday.....Read more here: Exclusive: Lloyds Set To Pay Boss £1.4m Bonus
Nowt 'NEW' - as majority at the end of their shifts are paid in an gratis payment of shares NOT CASH (Tax)