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FCA finds 10% of firms still have high risk incentive schemes

by Dylan Lobo on Mar 04, 2014 at 10:04

FCA chief executive Martin Wheatley (pictured) said in a statement: 'Eighteen months ago we gave the industry a wake-up call and it recognised that a poor incentive culture had helped push bad sales practice, which led to mis-selling.

'We’ve seen some good progress but it is going to take time to see whether the changes firms have made to incentive schemes and their controls stick, and whether good beginnings are part of genuine cultural change. But consumers can be assured that this remains an area that we will be watching closely to ensure poor practice doesn’t return.'

The FCA said it has committed to further work on incentives for retail sales staff.

In addition to the regulator's supervision teams maintaining their focus on this issue as part of understanding how firms are changing their culture, further thematic work will be undertaken on firms' performance management approaches

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