Tyrie demands more FCA action on banks' sales incentives

Laura Miller
clock • 2 min read

The chairman of the Treasury Select Committee, Andrew Tyrie, has written to the Financial Conduct Authority head Martin Wheatley calling on the regulator to do more to crack down on banks' poor sales practices.

Tyrie (pictured) said he has been spurred to write the letter in advance of Tuesday's evidence session with the FCA, and following the Final Notice issued against Lloyds in December 2013 for serious failings in its controls over sales incentive schemes. Commenting on the letter, Tyrie said:"Banks have rewarded poor behaviour, causing losses to their firms, their reputations and their customers. In some cases, remuneration structures encouraged behaviour which added great risk to the financial system. "Incentives have been deeply misaligned for significant numbers of front-line staff,...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot