The British consumer organization, Which?, announced a success of its Future of the Banking Commission’s work. Which? said that the Financial Services Authority now appears to be acting on its concerns by announcing a review of reward structures for in-house sales staff to see if incentives are well-designed to guard against mis-selling.
The Banking Debate raised the following problems:
- The pressure tactics banks use
- The shift away from a personalised banking service to one driven be sales targets
- Banks pushing products that consumers do not want or need
As a consequence Which? has been campaigning for reform of sales practices in banks, including:
- Remuneration for frontline staff not linked to sales but rewarding customer satisfaction
- Customers treated fairly and complaints resolved in a fair and timely manner
- No commission or bonuses received for selling products
For further information, see: https://info.which.co.uk/servlet/website/ResponseForm?PopJoEVTUTTBVX_8u88splmEmohkNgFJhgihspJRDKL
Source: Which?