Bank staff pressured into mis-sellingDecember 7th, 2012 • 1 Comment
When you watch an advert for a bank, they’re all acoustic guitars and kindly Northern voices acting like they’re your best pal. The people who work in banks feel differently, and according to an investigation, they feel pressure to sell products to customers, regardless of whether they are at all appropriate.
PPI mis-selling fines? The banks clearly aren’t phased at all.
A Which!!!! survey declares that two thirds of bank staff said there is now “more pressure than ever” to meet sales targets, with almost half of staff surveyed saying that they knew colleagues who had mis-sold products just to meet their targets and that 40% said that they are encouraged to sell even when it isn’t appropriate.
Which!$!? interviewed staff from HSBC, Royal Bank of Scotland, Lloyds Banking Group, Barclays and Santander, and found that staff are pressured into selling, even if there’s no bonus at stake.
Which!\^~#!! chief executive Peter Vicary-Smith called for “big change” across the banking industry, with customers – not sales – put first. “Our survey reveals the stark realities of the sales culture that still exists at the heart of the banking industry,” he said. “Senior bankers say the culture is changing but this shows it just isn’t filtering through to staff on the front line who remain under real pressure to put sales before service, even after incentives are taken away.
“We’re calling on the banks to be much more transparent about their sales targets and incentives. We also want to see bankers meet professional standards and comply with a fully independent code of conduct.”