BGN Entrepreneur

The state-backed bank–Lloyds Banking Group is expected to take back a significant chunk of the bonuses, which has been previously awarded to senior executives, as the bank takes action against the mis-selling of a controversial type of loan insurance.
According to people familiar with the case, it was revealed that the banking group is going to take the rare step of stripping Eric Daniels and a number of other current and former directors of a portion of the awards they received in 2010 as punishment for their role in the sale of payment protection insurance.
This action will become the first example of a bank reclaiming bonuses paid to top staff ever since the FSA introduced new “clawback” rules in the year of 2009.

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