UK:
UK Regulator Publishes Guidance On Risks Posed To Consumers By Inappropriate Performance Management Practices
29 March 2015
Shearman & Sterling LLP
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On March 16, 2015, the FCA published its guidance consultation
on risks to customers from performance management at firms. This
report is aimed at trade associations as well as all financial
firms that deal with retail customers directly. The report
discusses performance management practices and acknowledges that
poorly executed performance management can lead to mis-selling for
various reasons, including pressure to meet individual targets and
corporate objectives. The report recommends that firms manage these
risks, and identifies poor practices that can create undue pressure
on staff. The guidance recommends that controls should be put in
place to mitigate the increased risk of mis-selling adequately.
Comments on the consultation may be submitted until May 15,
2015.
The guidance consultation is available at: http://www.fca.org.uk/static/documents/guidance-consultations/gc15-01.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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