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Lloyds to scrap sales incentives as banks' PPI bills hit £10bn
by Alex Steger on Oct 29, 2012 at 08:10
Lloyds Banking Group has launched a scheme that will scrap all incentives linked to product sales as the big four banks’ combined bill for the mis-selling of payment protection insurance hits £10 billion.
According to the Financial Times Lloyds’ decision to pilot a new scheme that replaces product-related targets with metrics that reward customer service, follows the Financial Services Authority’s (FSA) recent crackdown on sales incentives.
Following the FSA warning it was reported that the regulator was investigating Lloyds over the payment of commission and other rewards to staff for selling retail products.
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by Himanshu Singh on May 25, 2013 at 00:01