'Your customers are not sales targets'

The majority of banks' staff incentive schemes encourage mis-selling, the City regulator warned today as it published its final rules aimed at wiping out poor advice in branches. Martin Wheatley, managing director of the Financial Services Authority (FSA), addressed an audience of senior bankers and insurers to ask them to end reward schemes that encouraged bad sales. The regulator this morning published its final guidance aimed at eradicating those schemes that result in poor advice to customers. The guidance represents a final warning for banks which have been struggling to clean up their act in light of a damning FSA report into bank sales....Read more here: FSA publishes final guidance as it aims to stamp out mis-selling culture in banks