Meeting targets was all anyone was interested in.
Whatever else you did, you were virtually flameproof – as long as you hit your targets. Harassed and frightened employees will look to their own needs first and their clients’ needs second, which is clearly a route to the selling of inappropriate products. It is interesting that the FSA gave Lloyds a fine in 2003 and then “warned about the use of poorly managed incentive schemes over a number of years”.
Perhaps if they had done something about it rather than just “warned” the bank, this part of the industry might have been restructured earlier to some benefit.
Blair Cann, Senior adviser and partner, M Thurlow & Co, Hertforshire
