Lloyds Bank accused of unfair treatment of both its employees and customers
Lloyds Bank staff warn they are under pressure to ply customers with ‘back door’ sales tactics in branches, with one trade union writing to incoming chief executive of the Financial Conduct Authority, Andrew Bailey, voicing concern.
This is Money is still being contacted by senior branch staff members across the country who are facing pressure to push products on customers, despite the bank vowing in the past to stamp out the pushy sales culture.
Although some of these measures may be simple to achieve, others are much tougher, for example selling insurance or wealth management to a customer. A whistleblower, based in the North, said that over a three-month rolling period, an adviser needs to hit as many of these measures as possible.
Less than six and they are removed from the role and put on a coaching plan. If after three months the situation has not improved, the plan goes formal, and there is a risk from that of the adviser being sacked.
Meantime smaller business customers deemed “less sophisticated” are being charged hidden fees by Lloyds Bank when they are dealing in overseas currencies, it has emerged.
Lloyds has told its foreign exchange traders that they can charge companies with annual sales of less than £25 million up to 1.5 per cent on each trade, an investigation into fees has found.
Lloyds’ in-house guidance states that the charges can be made on “a discretionary basis . . . taking into account the services and intellectual capital afforded to the client”. It adds that “where clients are sophisticated or highly price sensitive” the fees