MSE News: Barclays scraps staff sales commission, but will it stop mis-selling?

Former_MSE_Helen

"The bank is to abolish sales incentives for frontline branch and telephone staff ..."

Read the full story:

Barclays scraps staff sales commission, but will it stop mis-selling?

innovate

Will be interesting to see how Barclays will measure the quality of customer service, and the satisfaction of their customers with it. Does it mean you are expected to fill in a satisfaction form every time you go into branch? Or similar every time you call them? Or will it be based on improvements in the number of complaints they receive, and how they handle complaints?

Mandelbrot

Isn't this essentially the same thread as the one below?
https://forums.moneysavingexpert.com/discussion/4229801

Aye_Up

Martin Lewis, MoneySavingExpert.com founder, says: “While bank staff may be called ‘advisers’, that should read ‘salesperson’.
“Remuneration is often structured to ramp up sales with cliff-hanger rewards. This has led to calculated mis-selling being a constant part of the financial services landscape.”

Really Martin?


What lovely insightful information as one of these so called bank staff or sales persons I can assure you I am not rewards based on sales at all as I don't even sell anything.


We don't all earn the significant sums you do lecturing people on how to run their lives!!!!


Give me a break we aren't all bad who work in the finance industry!!!!

opinions4u

Aye_Up wrote: »

What lovely insightful information as one of these so called bank staff or sales persons I can assure you I am not rewards based on sales at all as I don't even sell anything.

Are you branch based?

If so, what is your bonus based on?

We don't all earn the significant sums you do lecturing people on how to run their lives!!!!

Most bank branch staff don't earn much at all. But bonus schemes do drive behaviours. Sometimes not for the greater good.

Give me a break we aren't all bad who work in the finance industry!!!!

No. But let's be honest, a bank branch is a shop with sales targets and reward schemes built predominantly around achieving those targets.

JuicyJesus

opinions4u wrote: »

No. But let's be honest, a bank branch is a shop with sales targets and reward schemes built predominantly around achieving those targets.

And with banks earning somewhere between a pittance and nothing from virtually all of their current accounts and probably less on savings accounts, I'm not sure how it could be any other way right now. They have to cross-sell just to stay in business.

dunstonh

The FSA should have banned the word adviser being used in financial services unless the person is actually an adviser. Far too many titles include adviser in them but they are not advisers in the regulatory sense. Most of the people using the tag "adviser" are no more qualified than the customer they are seeing. They are sales people. The adviser tag should be retained for those that are qualified and authorised to give advice.

They should also stop banks giving out the "manager" title to staff as well. Whilst it has no regulatory meaning and cannot be enforced, it degrades the title when you get so many managers.

JuicyJesus

dunstonh wrote: »

They should also stop banks giving out the "manager" title to staff as well. Whilst it has no regulatory meaning and cannot be enforced, it degrades the title when you get so many managers.

It's more to placate customers who respond to every slight with "I want to see the manager". I think Lloyds use it pretty much in that context, advertising that you can go in and see the bank manager (i.e. what everyone else would probably just call a CSR).

dalesrider

It always makes me laugh when someone complains and wants to speak to a manager or above about certain things.
As all they do is refer back to the very person they have just spoken to about the technicalities...

IrishGypsy

It's all well and good doing that at branch level, but unless the regional managers are also incentivised by customer service only, then they'll still make sure it's still the sales targets that get priority over service.

Agricolae

This will be interesting - I do think that heavy sales incentives can lead to poisonous behaviour among more mercenary staff and can stop well-meaning staff from delivering the standard of service they'd like to.

The thing is, banks do need to sell so I wonder how Barclays are planning on making up any losses they incur as a result of this change in direction.