£2m Lloyds bonuses taken back from executives

The UK bank Lloyds has told ten executives to return up to £2m worth of bonuses because of the bank's mis-selling of PPI credit insurance to customers.

It is the first time reforms insisted on by regulators have resulted in action.

The bank's former chief executive, Eric Daniels, is expected to lose between 40% and 50% of a £1.45m bonus, or between £600,000 and £700,000.

Chris Skinner, Chairman of the Financial Services Club, told the BBC that "it will be interesting to see if other banks follow this lead".