Watchdog Watching Lloyds Closely After Leaked Email Shows Lacking Change in Bank Attitude Post-PPI Mis Selling, Forex Scandals

March 12, 2015
by admin in PPI News

The Financial Conduct Authority is still keeping an eye on Lloyds Banking Group after an email of a superior pressurising his underlings leaked outside.

The letter shows how Lloyds Branch Managers and Regional Managers overseeing the branches berate their staff for poor performance, according to the Financial Conduct Authority.

Lloyds claims it has promoted new guidelines to ensure that managers will not harass their staff. One of these is stopping them from calling their staff members before 8am or after 6pm. They have also replaced sales targets and replaced them with a Minimum Competency Standards regime that will base staff bonus on consumer feedback.

The email has become an embarrassment to Lloyds after it was fined £28 million for its ruthless sales culture, which it vehemently denied.

Lloyds will gather 130 branch and regional managers to Villa Park, with an invitation to one member of the Financial Conduct Authority, to discuss the claims about its aggressive sales culture and mismanagement.

According to the FCA, the purpose of the meeting is to persuade the FCA that it Lloyds has turned for the better. Many analysts see the effort as a sham due to the facts the letter had demonstrated to the public.