Lloyds looks to scrap product sales incentives

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Lloyds Banking Group is piloting a new scheme which has scrapped all sales incentives linked product sales.

The Financial Times reports the bank is looking to introduce a new scheme which rewards staff for their levels of customer service, despite Lloyds senior executives recently claiming product sales had a part to play in performance targets.

In October, Barclays and The Co-Operative bank both announced changes to sales incentives to make them based on customer service rather than product sales.

In September, it was revealed Lloyds was being investigated by the FSA over sales incentives offered to staff.

Lloyds told the FT: “We review our incentive schemes four times a year to ensure they are relevant and appropriate to meet the needs of both our colleagues and customers.

“Currently, we are trialling a scheme that focuses purely on customer service.”