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MSE News: Bank staff still under sales pressure, despite mis-selling scandals

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MSE News: Bank staff still under sales pressure, despite mis-selling scandals

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
20 replies 2.7K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
"Mis-selling scandals have failed to stop banks pressurising their staff into pushing products which may be unsuitable..."
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  • CKhalvashiCKhalvashi Forumite
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    I've always made the banks aware that if I want something, I'll ask for it.

    I do get the occasional 'Oh, I see you have a number of BTL mortgages with us, would you consider......?' from one bank, but nothing from the other two I deal with, so it is working with some.

    CK
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

    I can spell, my iPad can't.
  • ConsumeristConsumerist Forumite
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    "The research, which was carried out between October and early this month, comes as banks battle to win back customer trust" . . . "Martin Wheatley, who will head the new Financial Conduct Authority — which takes over the Financial Services Authority's consumer protection role next year — told MoneySavingExpert.com earlier this year that the FCA will crack down on incentive schemes, making sure firms put customers first . . ."
    I can't think of a greater incentive than that of keeping your job.

    If recent history is anything to go by, the banks will not change; they will, instead, wangle their way around anything the new FCA can or will ever do. The banks are not the least bit interested in regaining any trust - only profits.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • pmdukpmduk Forumite
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    Did anyone ever think banks' behaviour would change? If so they are incredibly naive.
  • The banks are not the least bit interested in regaining any trust - only profits.
    They need to regain trust as part of recovering profitability.

    It will be interesting to see if they can play the long game on this one.
  • ConsumeristConsumerist Forumite
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    opinions4u wrote: »
    They need to regain trust as part of recovering profitability.
    I wish I could really believe that.

    As things are, it is difficult, if not impossible, to conduct our daily financial lives without banking; both employers and governments have made it impossible for the general public to function financially without them. The banks have realised that we, the public, couldn't realistically vote with our feet and boycott financial institutions, even if we wanted to.

    Providing the banks continue to act virtually in unison (i.e. behave in a style akin to monopolies or a cartel) then they do not really have to regain any trust. They will only be made to genuinely compete if they start to break ranks. That, as far as I can see, is the only fear they might (remotely) have.

    In short, if they don't have to shape up then they won't.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • smitchy73smitchy73 Forumite
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    Tell me someone if I go into a bank and ask for a loan of say £10k to pay off the balloon payment for my car, and they talk me into trying to take a loan for almost £24k to pay off other debts and a current loan, some of which only had less than a year outstanding. The advice was given by the normal banking assistant and was then 'backed' up by the Assistant Manager of the Branch, would this constitute the same type of behaviour and worthy of a complaint to the bank. The loan was subsequently declined, and since then I now don't have the car, but seeing this news story just brought it back to me.
    Obviously I'll never know if the original amount would've been rejected or not, but the payment for that would've been about £140 per month cheaper than what was my car payment.
    Thanks to all the competition posters.
  • edited 7 December 2012 at 8:54PM
    ses6jwgses6jwg Forumite
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    edited 7 December 2012 at 8:54PM
    deleted...................
  • nwc389nwc389 Forumite
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    Do you work with me ! Oh yes all that wonderful stuff about making our customers better off . Then the constant harping about targets . People even come to work on days off to try to catch up because they aren't going to hit their targets.
    All this stuff is pushed on us from those who don't have a clue what it's like working with customers the same as the poor devils that have to try to flog half price chocolate or stamps and phone top ups.
    None of us are customers anywhere now - we are all just sales targets and if they cant flog us more then they really don't care about us at all - sad but true.
  • smitchy73smitchy73 Forumite
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    nwc389 wrote: »
    Do you work with me ! Oh yes all that wonderful stuff about making our customers better off . Then the constant harping about targets . People even come to work on days off to try to catch up because they aren't going to hit their targets.
    All this stuff is pushed on us from those who don't have a clue what it's like working with customers the same as the poor devils that have to try to flog half price chocolate or stamps and phone top ups.
    None of us are customers anywhere now - we are all just sales targets and if they cant flog us more then they really don't care about us at all - sad but true.
    I couldn't agree with you more, a friend of mine used to work in RBS and she had the nightmare of trying to keep up the sales targets, she was lucky and got out recently before the public started to become wiser to these matters. It was sales, sales, sales pushed on by the manager who turned out to be embezzling money through fake loans, the staff were told he got transferred to another branch, then it was in the papers when he was jailed a few months later.
    I genuinely feel sorry for the staff who are forced to do this to try and keep their job, i'd also be more likely to buy products from the bank if they were reasonably priced, especially to current customers, and they got rid of the pressured sales.
    Thanks to all the competition posters.
  • NafNaf Forumite
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    Staff take the brunt of exactly this type of frustration, when if they don't do it they will lose their job. The pressure to hit sales targets is immense, and often the targets are barely realistic.
    This type of behaviour is not acceptable from the bank, towards its customers or staff. It also makes it difficult when staff actually do spot that a customer would be better off with a different product (e.g. an interest bonus period has expired), as customers immediate reaction is to refuse the 'sale'; then they come back and complain when they realise for themselves - about a year down the line and interest is paid.
    Never argue with stupid people, they will drag you down to their level and then beat you with experience.
    - Mark Twain
    Arguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.
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