Financial services executives behind the current payment protection insurance (PPI) scandal should have their bonuses cut this year.According to Richard Lloyd, executive director at Which?, the public anger surrounding the PPI debacle has resulted in a huge amount of political pressure building up on financial services firms embroiled in the scandal.Coupled with the negative outlook for the economy, people are calling for bonuses at the top of the industry to be slashed.Speaking to the Financial Times, Mr Lloyd said: "This is one of the clearest examples of unfair treatment of customers and reward for failure on an industrial scale."However, he added that the government needs to act now if it is to appease voters - particularly as PPI claims are expected to rise further in the coming year."There has been a lot of rhetoric from the government and banks about linking performance to pay. This will be the test to see what that rhetoric means in practice," he added.The Financial Services Authority has been calling on executives to forgo their bonuses in light of the economic and unemployment turmoil the UK is experiencing.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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