Banks bonus-based products ban
Banks are to be prevented from selling commission-based products to customers after the scandal of Payment Protection Insurance and swaps, the City watchdog the Financial Services Authority has announced.
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FSA vows to get 'a fair deal for customers'
Today Martin Wheatley, of the Financial Services Authority, is vowing to get a fair deal for banking customers by eliminating incentive schemes, which the FSA believes can lead to mis-selling.
MW: our report found most incentive schemes are likely to drive people to mis-sell in order to receive a bonus #fairdealforconsumers
From @FSAconsumerinfo on Twitter:MW: one of the worst examples saw a system where the first 21 staff to reach a sales target earned a £10,000 bonus #fairdealforconsumers
From @FSAconsumerinfo on Twitter:MW: we are now starting a programme of work to reduce these risks, which the FCA will take forward #fairdealforconsumers
From @FSAconsumerinfo on Twitter:Death of the banking salesmen?
Martin Wheatley, of the Financial Services Authority, is to call time on the era where banks made pots of cash from commission.
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