A dozen executives at Lloyds Banking Group are to have part of their bonuses clawed back as a penalty for the mis-selling of payment protection insurance.

Business editor Robert Peston told the Today programme's James Naughtie that up to £2m will be paid back including up to £700,000 from former CEO Eric Daniels.

He said that it was a "big change" in banking as it is the first time that we can see there is some loss for executives.

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