PPI mis sellers Barclays face backlash over bonuses

Despite earmarking around £1bn for payment protection insurance compensation claims, Barclays has awarded its Chief Executive over £17m in pay and bonuses, much to the horror of many.

Leading the jeers is Pensions and Investment Research Consultants (Pirc) who have advised shareholders to vote down the banks’ remuneration report on the grounds that its pay plan is “inappropriate given the performance of the bank”¹.

The high street bank return of 6.6 per cent on equity in 2011 is the basis of Pirc’s argument:

“In view of the fact that Barclays’ shares are trading far below net asset value, we cannot think of any circumstances in which a chief executive who was part of a team when the bank got into this predicament should be receiving any bonus at all, indeed the board should also be considering clawbacks itself.”¹

According to data from the Financial Services Authority (FSA), Barclays remains the most complained-about bank with almost half of the complaints received in H2 2011 about mis sold payment protection insurance.

In total the bank received 282,899 new complaints during this six month period, translating to over 1500 a day. Payment protection insurance, or PPI as it is commonly known, was sold to millions of customers many of whom neither wanted, nor needed or could even make use of it.

PPI Return specialises in helping customers who have been mis sold a PPI policy. To date, we have recovered over £32m in compensation, including a recent case which saw us retrieve over £140,000 in compensation for one very happy client^.

It couldn’t be easier to find out if we could help you make a claim for a mis sold payment protection insurance policy. Simply complete our no obligation online claim form to see if you could be owed compensation.

¹The Telegraph (April 2012)
^GW Data