Bankers in trouble if targets not met

Bank insiders reveal truth about sales incentives

Summary: 

Have you ever suspected that your banker was rewarded for selling you products that were unnecessary, too expensive and not in your interests? Well a new report commissioned by the Australian Bankers Association proves it. The Sedgwick review was designed by the bankers to defuse calls for a Royal Commission. Well it's backfired. Bank insiders spill the beans on the pressure staff are put under to meet sales targets and boost their pay with bonuses and commissions. Commission programs of this nature create perverse incentives and staff are encouraged to act against the interests of clients. Read the full report linked below this article.

Article Information
Category: 
Bank Malpractice Type: 
Other Bad Banking Behaviour
Author: 
Jackson Stiles
Source: 
The New Daily
Date First Published: 
18 Jan 2017
Posted By
Peter Brandson
Peter Brandson's picture

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