MPs blast Lloyds

Daily Mail - - City & Finance -

LLOYDS boss An­to­nio Horta- Oso­rio faces ques­tions from se­nior MPs over his pen­sion ar­range­ments amid an out­cry at lu­cra­tive re­tire­ment deals.

He sparked out­rage af­ter tak­ing a £154,000 cut to his an­nual pen­sion con­tri­bu­tions to try to head off crit­i­cism, then off­set this with a £175,000 in­crease in other el­e­ments of his pay.

MPs Frank Field and Rachel Reeves, who re­spec­tively chair the pen­sions and busi­ness select com­mit­tees in Par­lia­ment, have now writ­ten to Lloyds ask­ing for an ex­pla­na­tion.

If it fails to give an ad­e­quate an­swer, Horta-Oso­rio could be hauled into the House of Com­mons.

It came as Lloyds set aside an­other £100m to re­fund vic­tims of PPI mis­selling, tak­ing its to­tal bill for the scan­dal to al­most £20bn. Af­ter ac­count­ing for fi­nan­cial hits, the bank made a £1.6bn profit in the first three months of 2019 – the same as a year ear­lier.

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