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Lloyds considers clawing back bonuses over PPI provision

Lloyds Banking Group is believed to be considering offsetting some of its provision for payment protection insurance (PPI) mis-sales by clawing back bonuses.

At yesterday’s annual general meeting, Lloyds chairman, Win Bischoff, told shareholders that the implications of the bank’s £3.2 billion provision for PPI mis-sales, announced earlier this month, are being considered by its remuneration committee.

Separately, the Financial Ombudsman Service has reported that it took up a record 206,121 new cases in the 2010/11 financial year, with the figure up 26% on the previous 12 month period.

Over 50% of new cases (104,597) related to the sale of PPI, representing the highest number ever recorded in a year for a single financial product.

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