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Regulators are keen to crackdown on British banks offering incentives that may encourage staff to mis-sell financial products, a senior official has revealed.
Managing director of the Financial Services Authority (FSA) Martin Wheatley has insisted his organization is eager to put a stop to the culture of this dishonest practice, which has been prevalent in the UK banking system for around 20 years.
During a speech delivered at a Reuters Newsmaker event this morning (5 September), Mr Wheatley explained that changes need to be made to reverse the situation whereby financiers view consumers as people to sell to, as opposed to people to serve.
He went on to note that banking executives must play a major role in altering incentive schemes that "too often result in customers being sold products they do not need or cannot use, while boosting the earnings of the sales person".
If they do not, Mr Wheatley insisted the FSA will take hard-line stance by enforcing the new rules.
By Gary Cooper
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