British consumer organization announces success regarding remuneration of banking staff

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

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Source: Which?