Barclays plc is considering clawing back part of its executives’ bonuses over the bank’s £1 billion mis-selling of insurance.

After a testy exchange with Andrew Tyrie, chairman of the influential Treasury select committee of MPs, chief executive Diamond eventually conceded: “We are taking into account in our businesses that impact [of mis-selling Payment Protection Insurance] in our remuneration.”

The move follows Lloyds’ decision to look at getting back some of the awards awarded to former chief executive Eric Daniels due to the PPI scandal, which will cost the bank £3.2 billion.

Sally Bowyer, Managing Director of Brunel Franklin said: “Everyone accepts that banks provide a valuable service and are entitled to make fair and reasonable charges for services. But people shouldn’t be sold PPI without being furnished with the full facts. PPI mis-selling cases serve as timely reminder of how careful we all need to be when taking out new loans and other credit card agreements.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.