Tyrie writes to FCA calling for more action on banks' sales incentives

Tyrie (pictured) said he has been spurred to write the letter in advance of Tuesday's evidence session with the FCA, and following the Final Notice issued against Lloyds in December 2013 for serious failings in its controls over sales incentive schemes. Commenting on the letter, Tyrie said:"Banks have rewarded poor behaviour, causing losses to their firms, their reputations and their customers. In some cases, remuneration structures encouraged behaviour which added great risk to the financial system. "Incentives have been deeply misaligned for significant numbers of front-line staff,...