The Financial Services Authority (FSA) has called on Britain’s leading banks to reclaim bonuses paid to executives involved in the mis-selling of payment protection insurance (PPI), it has been exclusively reported.
Senior management from the Bank of England, the Royal Bank of Scotland, Lloyds Banking Group, HSBC and Barclays all met with FSA chairman Lord Turner and chief executive Hector Sants yesterday (February 1st), Sky News revealed.
Finance director of Standard Chartered Richard Meddings is also believed to have attended the meeting in which the city regulator questioned the banking heads over how they would penalise executives implicated in the PPI scandal.
Sants allegedly told the likes of Paul Tucker, Stephen Hester, Antonio Horta-Osorio, Stuart Gulliver and Bob Diamond they need to outline to the watchdog how they intend to punish senior staff in the PPI mishap, which saw redress total £380 million by the end of November 2011.
The news comes alongside recent revelations that RBS chief executive Hester turned down his £1 million bonus, while former head Fred Goodwin lost his knighthood in light of failures at the bank.
Posted by Tony Miller