Trade union Unite has slammed banks’ sales processes, claiming they are pressuring staff to missell products.
It says bank workers are struggling to meet unachievable sales targets, many of which have not changed since before the credit crunch and part-nationalisation of some banks.
The union fears there is pressure on staff to promote financial products, often to people who cannot afford them.
It has set up a national campaign for staff at Lloyds Banking Group to fight for a change in the culture of the UK’s banking system and is calling for a new focus towards high standards of customer service and fair wages for all staff.
National officer Rob Macgregor says: “Unite has launched a major campaign to end aggressive sales targets at Lloyds Banking Group. In this bank, which is part-owned by taxpayers, staff should be providing an excellent service to customers and being paid fairly for doing so.
Instead, we have a sales culture that encourages staff to sell customers products they do not want or need and failure to meet targets has meant staff losing out on money.”
Unite is calling on Lloyds to replace the bonus culture with a pay system which does not rely on how many products are sold to customers and encourages quality service as opposed to sales.
A Lloyds Banking Group spokeswoman says: “Our reward policy supports our strategy to build long-term relationships with our customers.
ndividual targets are set across a number of areas, not just sales, all of which are taken into account in determining overall reward. Bonuses make up just one part of our total reward package.”
Richard Jacobs Pension & Trustee Services managing director Richard Jacobs says: “It is a complete scandal. There is absolutely no regard for the client – it is all about targets. Staff are put under huge pressure to flog invariably unsuitable products. It is a shocking disgrace that the FSA has not done more to stop this.”