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Lloyds to cut sales incentives 'to offset PPI losses'

Lloyds Banking Group has revealed that it will remove any incentive schemes linked to product sales and instead reward its staff based on their customer service performance.

According to the Financial Times, the move was made in order to rid the company of the bad mis-selling practices that led to the payment protection insurance scandal.

The decision has seen senior executives at Lloyds making a complete u-turn, after originally saying that product sales must form a part of employee targets.

Martin Wheatley, head of the Financial Services Authority's conduct division, told the finance industry last month that it should remove sales-based incentives. The Co-operative Bank was the first firm to take heed of the advice.

Barclays has also ended its sales volume objectives and HSBC and the Royal Bank of Scotland are considering the move, ensuring that, in the future, customer needs will be at the forefront of staff concerns.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801477895-ADNFCR

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