FCA chief highlights PPI mis-selling in commission crackdown plans

Martin Wheatley, chief executive officer designate of the Financial Conduct Authority (FCA), has confirmed that he wants to see an end to mis-selling created by sales incentives.

Mr Wheatley, currently managing director of the Financial Services Authority (FSA), claimed he would be working to tackle poorly designed incentive schemes which he stated too often resulted in customers being sold products they did not need or could not use, while boosting the earnings of the sales person.

He highlighted that in his opinion many, if not all, of the recent mis-selling scandals had dysfunctional incentive schemes at the root of the problems with payment protection insurance (PPI)