Lloyds cut bonuses after PPI mess
Lloyds massive fine for the PPI scandal has seen them actually doing something about it. Not only are they compensating all their customers, but they've also cut its bonuses by £30m, as well as making sure that their executives forfeit their money they get from their share awards scheme.
The bank will also be reviewing historic cases after the the Financial Conduct Authority pointed out the myriad of failures that need to be fixed.
And so, Lloyds are punishing their staff and admitted that "part of its complaint handling process led to a failure to provide fair outcomes for a significant number of customers". They continued: "Although the FCA has not found that the group acted deliberately, the group has reviewed all customer complaints fully defended during the relevant period."
"Whilst our intentions were right, we made mistakes in our handling of some PPI complaints," said Antonio Horta-Osorio, the bank's chief executive. "I am very sorry for this. We have been working hard with the FCA to ensure all customers receive appropriate redress. That process is now substantially complete. We remain fully committed to improving our operational procedures and ensuring we do the right thing for our customers."
Next stop - the rest of the bank being sold off by The Treasury.