28% of big five banking staff remain under pressure to mis sell
Reports have emerged from Which? exposing the pressure that bank staff continue to shoulder with 28% of staff saying that they sometimes feel under pressure to sell a product to a customer whether it’s appropriate or not. 28% of staff also report feeling uncomfortable with their bank’s sales approach.
However the situation does appear to be improving, with a drop in the numbers of those reporting such pressure. The same survey was conducted in 2012 and in that 45% of staff reported that they sometimes felt they were expected to sell regardless of whether or not the product was appropriate.
Incentives are also featuring less in the banks sales management practices. 46% of bank sales staff say the availability of incentives for sales has decreased over the last year and 78% say there is more emphasis on good customer service rather than selling.
Solicitor Paul Cahill comments:
“The PPI mis selling scandal feels like a never-ending story. This report and the practices it uncovers are interesting as they give us some insights into the likelihood of further financial mis selling scandals. PPI mis selling was rife throughout the financial services industry and in the rush to sign up customers scant regard was given to whether or not they actually needed payment protection insurance.
“The numbers of customers who have now been able to reclaim mis sold PPI successfully is testament to the banks sales culture prevailing at that time. Whilst it’s welcome news that the numbers of those working at banks and feeling under pressure to mis sell is reducing there are still an unacceptably high proportion of bank staff who remain under that pressure.
“The stain of mis sold PPI has blighted the banks for too long – they must mend their ways and learn the lessons of the PPI mis selling scandal!”
Content correct at time of publication