Bank chiefs have been told they must do all they can to recoup bonus money that was paid to employees who were involved in the mis-selling of payment protection insurance (PPI) The leaders of Britain's major banks were summoned to a meeting by the Financial Services Authority (FSA) yesterday (February 1st), Sky News reports. According to the broadcaster's City editor Mark Kleinman, the banking bosses were told to "demonstrate urgent efforts to claw back bonuses". Up to three million people are said to be eligible for a bank reclaim, after they were wrongly signed up to insurance policies that were effectively useless. Total compensation payouts are expected to cost banks up to £6 billion. "I am told that the FSA has been incredibly robust in trying to force banks to disclose how far they have gone in trying to reclaim bonuses paid to executives," Mr Kleinman commented. David Cameron recently backtracked on his decision not to interfere in the amount paid to bankers and urged the Royal Bank of Scotland chiefs to "show restraint" when dishing out bonuses. Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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