Wheatley: Banks' investment sales incentives still a concern

The Financial Conduct Authority (FCA) has said it is reassured by the progress banks have made in moving away from incentives-based sales models but it is still concerned about how investment and protection products are sold to consumers.

Speaking at the British Bankers' Association conference today, FCA chief executive Martin Wheatley (pictured) said banks had made "significant steps forward" in re-modelling their incentives-based sales approaches, which were largely blamed for recent mis-selling scandals such as Payment Protection Insurance. The regulator's early analysis showed that at least three of the major banks have now removed direct links between sales and incentives for front line staff, he said, while other large players have also moved to a "more balanced" approach. However, Wheatley stressed that the anal...