Top 10 op risks: Incentives and compensation
Incentives and compensation: top 10 operational risks for 2013
In 2011, UK banks ring-fenced a total of £5 billion for expected compensation payments to customers who had been mis-sold financial protection products, in particular payment protection insurance (PPI). In 2012, it emerged that they had been too optimistic – the major banks have more than doubled their provisions for PPI payouts. Barclays alone has now set aside £2 billion for PPI payouts; Lloyds added another £1 billion in its Q3 results in November; other banks have followed suit, bringing the
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