UK Takes Aim At Bonuses For Financial Product Sales

Law360, New York (September 5, 2012, 5:11 PM EDT) -- The U.K.'s top financial regulator on Wednesday took aim at incentive structures at banks and other financial institutions that have led to customer abuses, particularly in the sales of payment protection insurance and other nonessential financial products.

Martin Wheatley, the managing director of the U.K. Financial Services Authority, said that his agency's review of incentive practices at 22 separate firms throughout the country turned up evidence that the incentive pay packages in place for sales staff led to widespread abuse of customers, who purchased services that...
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