Responding to the FSA review published today to end mis-selling created by sales incentives,
Richard Lloyd, Which? executive director said:
“Today’s findings from the FSA confirm our own view that most banks have incentive schemes that prioritise sales over service. This has driven mis-selling and has led to serious failings for consumers. As the FSA themselves say, this must change.
“It is clear that the light touch regulation of the past has not worked. We want to see the FSA rigorously enforcing the rules and taking tough action against those banks that continue to let their customers down. Consumers have suffered one banking scandal after another, with the £10 billion mis-selling of payment protection insurance now set to be the biggest financial scandal of all time. There must now be a fundamental shake up of banking culture and a return to banking for customers, not bankers.”