Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Stressed high street bank staff still mis-selling

3 Comments
Stressed high street bank staff still mis-selling

High street banks are still using high-pressure sales tactics among their staff despite the mis-selling scandals that have blighted the sector, according to an investigation by consumer group Which?

Which? conducted a survey of more than 500 staff at HSBC, Royal Bank of Scotland, Lloyds Banking Group, Barclays and Santander.

It found that two-thirds of bank sales staff with targets felt they were under more pressure than ever to meet them. Almost half said they knew colleagues who had mis-sold products to meet targets and four in 10 said targets drove staff to sell products even when they are not appropriate.

The survey also found that four in 10 with targets were subject to ‘power hours’ where they were expected to make a certain number of sales in a specified period of time. It said the most common reason for staff being told to sell more was to hit targets and increase profits, with the customer need ranking low on the list.

A further survey among consumers found that four in 10 were offered a new product they did not deem suitable when they contacted their bank, while a quarter felt pressurised to take it.

Which? Chief executive Peter Vicary-Smith said the survey showed the need for change across the banking sector. ‘We’re calling on the banks to be much more transparent about their sales targets and incentives,’ he said. ‘We also want to see bankers meet professional standards and comply with a fully independent code of conduct.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter