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- A probe into banks' incentive schemes uncovered 'serious' failings at Lloyds, which now faces further investigation and a potential penalty
- The investigation by the FSA found 22 banks, building societies and insurers were incentivising staff to mis-sell
It found staff were given huge bonuses and others were lying and cheating customers for cash- New FSA boss Martin Wheatley says the culture has to stop within 18 months
- 'Financial institutions have changed their view of consumers from someone to serve to someone to sell to,' he said
The staggering extent to which high street bank staff chasing bonuses and commission are routinely ripping off customers was laid bare in a scathing report yesterday. At the same time, the Daily Mail can reveal that 40 per cent of staff at Lloyds Banking Group earn extra payments if customers are persuaded to buy additional financial products. They get bonuses if they can entice millions of loyal account holders to fork out for costly insurance policies or 'premium' current accounts which charge a monthly fee....Read more here