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http://www.bbc.co.uk/news/uk-35204010
I read this article this morning and nearly spat out my breakfast. About 3 or 4 years ago, I spoke with a reporter from the BBC that was looking into this issue. How does receiving your annual pay, as an additional bonus, not contribute to misselling?
The top down are bonus incentivised which means pressure is then inserted down the chain of command.
When someone in the bank asks you whether you have reviewed your account, the likelihood is that they are targetted for getting people from the counter into an interview room.
Would you like to upgrade your account? They are targetted for a packaged account.
Pay the minimum on a credit card with a different bank? You might be told about this fantastic credit card rate that is on offer.
Need a new car? We have this great loan we can give you. It means that the bank know that there is a likely percentage who will never pay the loan back and will then top it up.
Got an overdraft above a thousand? We might be able to save you some money(that's a loan and/or mortgage interview).
Remember the Moneysense advisors that NatWest hawked about as being independent when the banking crisis first hit? I was one of them and an Area Manager said in an conference call this: "I know you are not supposed to sell to the customer but if they mention about their home insurance then there is nothing to say that NatWest have a good rate shall I get you a quote?" Independent money advisor was a load of old tosh, you were being asked to sell something to the public under the guise of, we're helping you to manage your money.
If you're good at the above that leads to promotion. If you cannot do that then maybe the manager might say something that I was told many moons ago: "I don't want you to be the reason why none of us get a bonus".
If you wan't to know the reasons why Packaged account were missold and PPI were missold then you need to look at how pay, promotion other incentives contribute to it.
I have to add that unhealthy practices in the bank caused the problems and the fact that the FCA and it's predecessors fined the banks should not stop them from investigating WHY it was caused and WHY they have had to be harsh on the bank. The root cause of it all and the FCA cannot be bother to investigate because they have been so hard on the banks.
Anyone care to build me that wall to bang my head on?
I read this article this morning and nearly spat out my breakfast. About 3 or 4 years ago, I spoke with a reporter from the BBC that was looking into this issue. How does receiving your annual pay, as an additional bonus, not contribute to misselling?
The top down are bonus incentivised which means pressure is then inserted down the chain of command.
When someone in the bank asks you whether you have reviewed your account, the likelihood is that they are targetted for getting people from the counter into an interview room.
Would you like to upgrade your account? They are targetted for a packaged account.
Pay the minimum on a credit card with a different bank? You might be told about this fantastic credit card rate that is on offer.
Need a new car? We have this great loan we can give you. It means that the bank know that there is a likely percentage who will never pay the loan back and will then top it up.
Got an overdraft above a thousand? We might be able to save you some money(that's a loan and/or mortgage interview).
Remember the Moneysense advisors that NatWest hawked about as being independent when the banking crisis first hit? I was one of them and an Area Manager said in an conference call this: "I know you are not supposed to sell to the customer but if they mention about their home insurance then there is nothing to say that NatWest have a good rate shall I get you a quote?" Independent money advisor was a load of old tosh, you were being asked to sell something to the public under the guise of, we're helping you to manage your money.
If you're good at the above that leads to promotion. If you cannot do that then maybe the manager might say something that I was told many moons ago: "I don't want you to be the reason why none of us get a bonus".
If you wan't to know the reasons why Packaged account were missold and PPI were missold then you need to look at how pay, promotion other incentives contribute to it.
I have to add that unhealthy practices in the bank caused the problems and the fact that the FCA and it's predecessors fined the banks should not stop them from investigating WHY it was caused and WHY they have had to be harsh on the bank. The root cause of it all and the FCA cannot be bother to investigate because they have been so hard on the banks.
Anyone care to build me that wall to bang my head on?
