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Although Lloyds Group has made some changes and introduced an element of bonus linked to customer services, Elliott says he feels like "part of a used-car salesman sketch" and is unhappy with the way the bank seems entirely focused on making sales.
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In the short term it is attempting moral suasion to limit to £25,000 the cash element of bonuses at banks in which it has a large shareholding.
In a keynote speech, in which he called for a new form of popular capitalism, Cameron said he expected the cash element of bonuses at the state-owned banks RBS and Lloyds to be restricted to £2,000 for a second year.
As a result, it reduced the other element of the bonus scheme, the annual incentive payment.
Yet there is a glaring oddity in the profit-related element of the bonus.
Such is the importance of Plan A that an element of directors' bonuses is based on their achievements and leadership.
We are not only at the cutting edge of the G20 and the EU but are setting higher standards and are continuing to bear down on dangerous and unjustifiable elements of the bonus structure".
The European Parliament, which also has a say in setting rules, wants the total of all elements of a bonus to be no more than basic salary, a step too far for some countries.
Staff are under pressure to meet monthly targets to get the bonus element of their pay, he says, and will even work on customers' children, saying, "Get your dad to buy you this; tell your mum to get you that".
Executives who fail to demonstrate that they have actively worked to hit the ambitious diversity targets which Channel 4 has set itself will find the "variable pay" - or bonus – element of their salaries cut.
Ernst & Young argued that "by withholding or awarding the bonus (irrespective of performance), which constitutes a significant element of the reward package, the bonus could be used as a tool to motivate certain behaviours from the MD".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com