Bankers’ bonuses: are you angry enough to switch accounts?

Simon Read

SimonLloyds 225x300 Bankers bonuses: are you angry enough to switch accounts?What does it take before millions will get so angry they’ll move their bank account? Today’s results from Lloyds Banking Group could well be the catalyst.

The boss of Lloyds, Antonio Horta-Osorio, is being handed a £1.5m bonus despite the bank posting losses of £570m. And this from a bank that is around two-fifths owned by the taxpayer.

Meanwhile the bank admitted it will pay bonuses of £365m across the group. That’s just 3 per cent less than the total paid in 2011.

And then the Sun reports today that Lloyds has sparked more fury over sales targets after one of its Halifax managers got a £39,000 bonus — for just three months’ work flogging insurance.

Let’s remind ourselves that last week the bank was slapped with yet another fine for poor customer service by the regulator.

It was forced to pay £4.3m to the City Watchdog because it failed to pay compensation for mis-sold PPI quickly enough to tens of thousands of customers. Two years ago the bank was fined £3.5m for mishandling complaints.

This week it admitted it received almost 1.4 million complaints about mis-sold payment protection insurance in 2012.

Is that enough? Are you angry enough to switch yet? Laura Willoughby, who runs the campaign group Move Your Money, said this morning: “It’s time for Lloyds, Halifax and Bank of Scotland customers to hit the bank where it hurts – by moving their money to a more ethical alternative.”

Tempted? Why not have a look at current accounts offered by mutuals such as Co-operative Bank and Nationwide Building Society – the latter has this morning much improved the terms on its FlexDirect offering.

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  • davidLienard

    Perhaps Which? could do an analysis of the ethical standards of all the banks, then we could decide who to switch to?

  • SilentHunter

    I bank with the Co-operative Bank for their ethical stance.

    I’m not completely convinced by it . . . but when it comes to high street banks; they do seem to be the “least worst” . . . if you know what I mean.

    I wish someone like Dave Fishwick (Bank of Dave) was allowed to set up a bank that had current account facilities . . . I would move there like a shot.

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