Market Research Sees Banking Staff Continuing to Miss-Sell Financial Products
7th December 2012 16:13 - Financial Services
According to consumer comparison site Which? the recent scandals over banks miss-selling financial services have not deterred them from pressuring staff into pushing potentially unsuitable products.
Which? surveyed branch and call centre staff at HSBC, Royal Bank of Scotland (RBS), Lloyds Banking Group, Barclays and Santander.
They discovered that 65% of bank staff with sales targets claimed to be under more pressure than ever to achieve them. In addition, around 46% of staff reported knowing colleagues who have miss-sold products just to meet their goals.
Out of more than 550 bank staff who were interviewed, 371 have a sales role and of those, 298 said they had sales targets to meet. These findings were found to be broadly similar across all five banking giants.
Furthermore, of the banking staff surveyed who have a sales role, more than a third (37%) said they were uncomfortable with the level of pressure placed on them to push a product.
The survey results contradict The British Bankers' Association’s claim that staff incentives are now based on strong criteria related to customer service.
Following from the study results, Which? now plans to hand in a dossier of evidence on the banking industry to the Parliamentary Commission on Banking Standards, the Government and the Financial Services Authority (FSA).
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