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Risk of PPI mis-selling still alive, says Which?

The likelihood of banks still mis-selling their products is high, as consumer watchdog Which? reveals that the pressure among frontline staff to sell remains a part of the financial industry's culture.

It found that two-thirds (65 per cent) of bank staff who have sales roles and targets say there is "now more pressure than ever to meet them", with nearly half (46 per cent) saying they have mis-sold products to meet their goals.

This has worrying implications for the financial industry, which is still reeling from the fallout of the payment protection insurance (PPI) mis-selling scandal.

Some 81 per cent of respondents said the pressure to meet sales targets has remained the same or grown. Only six per cent of employees were told to sell based on the customer's best interest.

"Senior bankers say the culture is changing but this shows it just isn’t filtering through to staff on the front line who remain under real pressure to put sales before service, even after incentives are taken away," said Which? chief executive Peter Vicary-Smith.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801502587-ADNFCR

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