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Lloyds to strip bankers of bonuses
Lloyds is to strip five current and former senior bankers of more than £1m in bonuses over their role in the mis-selling of payment protection insurance (PPI).
The bank is taking back the bonuses over the scandal that cost the part state-owned bank £3.2bn last year.
PPI was often sold alongside loans to cover repayments if borrowers fell ill or lost their jobs.
The product was labelled as worthless insurance for many customers by a consumer group in 2008, which followed compensation claims by buyers.
In April last year, the industry lost a case in the High Court to stop customers demanding compensation. Lloyds announced weeks after the decision its intention to set aside £3.2bn for likely payouts.