Which? response to speculation about banking bonuses

In response to speculation about RBS and Barclays bonuses,

Which? executive director Richard Lloyd said:

“Recent scandals have decimated consumer confidence in the banking industry, and the public will be rightly outraged if senior bankers get huge bonuses despite their failings.

“2013 must be the year that we finally see big changes in banking, with banks that work for customers, not bankers. Excessive bonuses shouldn’t even be contemplated where there is evidence of mis-selling or rate-rigging, and past bonuses should be clawed back from those senior executives who have presided over wrongdoing.

“Justifiable levels of pay and bonuses, individual accountability, and properly enforced professional standards are urgently needed to change the culture of banking.”


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