Bankers' pay should be linked to customer service - Sants

clock

Banks should use the row over the sail of complex financial instruments to small businesses to overhaul their customer relationships and link pay to customer service, according to Hector Sants.

In his last interview as chief executive of the Financial Services Authority (FSA), he told the Guardian there was a "commercial opportunity" for financial firms to improve customer treatment. The FSA is currently investigating complaints about the sale of interest rate swaps to small firms before rates were cut to historic lows three years ago, the report said. A report is expected before the end of the month. The Guardian said Sants refused to elaborate but urged banks to avoid any re-run of the £9bn payment protection insurance (PPI) mis-selling scandal. "It's clearly an oppo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA joins forces with international regulators on illegal finfluencer crackdown

FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock 06 June 2025 • 3 min read
Advisers do not expect FCA's targeted support to prompt new client propositions

Advisers do not expect FCA's targeted support to prompt new client propositions

Some 54% said they will not consider new propositions, Schroders finds

Isabel Baxter
clock 03 June 2025 • 2 min read
FCA confiscates more than £300,000 from convicted fraudsters

FCA confiscates more than £300,000 from convicted fraudsters

Faced charges for £1.2m investment fraud in 2023

Isabel Baxter
clock 14 May 2025 • 1 min read