MSE News: Lloyds fined record Ј28m for mis-selling – are you affected?

A question about : MSE News: Lloyds fined record Ј28m for mis-selling – are you affected?

Lloyds has been fined Ј28m by the FCA for sales incentive schemes, which pressured staff to sell...

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Lloyds fined record Ј28m for mis-selling – are you affected?

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• Not sure this is the right forum really.
• It also makes me wonder what will happen to the customer that I have dealt with, that have had Lloyds TSB (as it was then) close their accounts for reclaiming fees, when the bank were backed into the corner of paying out on one of these insurances, or refunding premiums (and have done neither).
  It's also appalling to see that the bank will contact customers in the future; I'm betting that a fair few complaints will be overturned on this one.
• I think the irritant for me is that this is an incentive scheme implemented after the banks crashed in 2008.
  They really didn't "get it", did they?
• It begs the question, is this a fine or a bribe. Business as usual.
• All this makes me wonder who is the most crooked.
  the GOVERNMENT sets up the FCA which levies a fine that goes straight to the CHANCELLOR to do with what he sees fit. makes you wonder what the fine would have been if they did not see the Ј
• I think that this proves that having sales targets and incentives to sell in banks are unethical. The problem is that Management teams are scared that their commercial results will decline drastically if they remove them (along with their own career aspirations). But this approach is not working - anyone can see that paying an advisor to sell a product only to the have to pay out on it again when the Customer complains is madness - its all very short sighted for quick numbers on the sales board. Surely, the main target for any advisor should be purely about having a high quality, needs focused discussion with each Customer that is put in front of you and evidencing why a product is suitable. In the interim yes the sales might drop but so will the complaints and product cancellations. Its a longer term view but if Managers work with their advisor's to focus on 'doing the right thing' each time then over time the commercial results will be just fine. Unfortunately, this may take years as a lot of people in that world were recruited for their sales track record and motivation to earn money, compounded by the fact that some Manager's have an unquenchable thirst for numbers and instant success.
• Pretty pointless to put this in this section: almost all ISA customers affected will be due no redress at all because markets have improved. But in the insurance side, there is potential loss and potential redress, so there's a good deal more value to discuss there.
  Lloyds will be contacting those most likely to have suffered a loss first, so no need to worry if you're not contacted quickly, it's more good news than bad.
• lloyds miss selling goes back to the 1980's when we bank clerks had to become salesmen. As a cashier I was supposed to sell anything from a credit card to a pension plan to customers as they came in to perhaps cash a cheque or pay in. My pay increments were affected by the number of "services" sold. As a believer in giving good old fashioned proper service my pay suffered and on being offered early retirement was happy to leave a career which I felt had lost creditability and honour.
• Does anyone know if Lloyds have been pulled up for mis selling Home and contents insurance?
  I just did a comparison for new insurance and found that i am paying Lloyds Ј600 more a year than i need to based on their advise. the new insurance quote i got online is from the Lloyds and covers everything i need even with no excess on Home or Contents and accidental damage its still Ј600 cheaper.
  my Question again Can i get a claim for being missold and if so where do i go to find out how?