Financial Reward Paid To TSB's Paul Pester

EDM number 1626 in 2017-19, proposed by Roger Godsiff on 12/09/2018.
Categorised under the topics of Financial institutions, Financial services and Pay.

That this House notes with disgust that TSB's outgoing chief executive, Paul Pester, is leaving with a payoff of almost £1.7m, despite being in charge during an IT disaster which caused chaos and financial problems for many customers; does not see how this aligns with TSB's principle that severance payments are paid in line with the principle off no rewards for failure; further notes that the bank is currently investigating whether Pester will receive even more compensation; believes that this money would be much better spent compensating customers for the inconvenience and stress caused by TSB's failures; calls on TSB to reconsider this payout; and urges the financial sector to cease excessive executive payouts, particularly in cases of poor performance, and to reduce the ratio between highest pay and the salaries of ordinary employees.

This motion has been signed by a total of 5 MPs.