FINANCIAL REWARD PAID TO TSB'S PAUL PESTER

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.