MSE News: Banks replacing bonus schemes after FCA mis-selling crackdown

"Major banks have shaken up bonus schemes, which played a role in mis-selling scandals, the FCA says..."
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Banks replacing bonus schemes after FCA mis-selling crackdown


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  • pmdukpmduk Forumite
    10.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The banks' hardly need to keep paying these bonuses when most retail banks are considering drastic reductions to the number of branches. 'The carrot' of paying bonuses for sales has, I suspect, been replaced by 'the stick' of only the best at selling will keep their jobs.

    This may not be wrong or unethical however, as banks are businesses not charities, their duty is to shareholders.

    Perhaps MSE should be prioritising the identification of all bank staff as sales people to counteract peoples' misguided belief that banks are on the side of consumers?
  • iblametheparentsiblametheparents Forumite
    629 Posts
    Part of the Furniture Combo Breaker
    I can only speak for Barclays, but working there now is a world apart from working there even two years ago. We don't have sales targets, we are not pressured in any way to achieve sales. It does feel like a completely different role.
  • I work in a bank & am fed up of people assuming all bank workers receive a huge bonus ! This is paid to the top dogs & the city people certainly not to the people on the front line. We were put onto performance related pay several years ago & since then have been given various targets to meet to achieve any bonus. This is constantly changing so that we can never get there & are lucky if we get £100 every 3 months with no pay rise.
    There is still pressure to achieve sales targets & I can't see that changing at all, it is just disguised with a different name.Why do I stay ? I am too old to look for a change in career now & am just thankful I remember when banks & building society's cared about people & not making more profit.
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