Weakness in Sales Processes for Older Customers Identified in Regulatory Inspections

M

mercman

Guest
I am very surprised that nobody has started a thread on this report issued today. It really is quite damming and I think it fair to say as to who we might guess who are the Financial Providers that are Guilty.

Let us all hope that this is the beginning of naming and shaming and hopefully AAM will start a new section on this pathetic behaviour. Hopefully the days of Commission reps of Financial Products are coming to an end.

Brendan -- You are a bit slow on the take up on this one.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Read this yesterday and not impressed at all with the findings.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

If memory serves me correctly, did they not come to this conclusion two years ago in a Prime Time Investigates programme?
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Correct , but nothing appears to have changed, The same companies, with the same people selling the same products in the same manner. The Regulator's office does really leave an awful lot to be desired.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Can you provide a link to the report?

Who did it?

The Prime Time report highlighted brokers and Irish Life and Permanent if my memory serves me correctly.

Brendan
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Brendan, it is on the Financial Regulator's Web site.

Try here: /www.financialregulator.ie/press-area/press-releases/Pages/WeaknessinSalesProcessesforOlderCustomersIdentifiedinRegulatoryInspections.aspx
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

OK, I have found it [broken link removed].

13 out of 14 mystery shoppers recommended cash deposits. That's not bad.

I am surprised at the other stuff. These financial institutions are leaving themselves wide open to compensation claims if they don't do things correctly.

Oddly enough, it is assumed that deposits are the safest and best investment for an elderly 60 year old. This is very bad, but if a bank recommends a deposit, they are unlikely to ever be sued.

Brendan
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Brendan said:
I am surprised at the other stuff. These financial institutions are leaving themselves wide open to compensation claims if they don't do things correctly.
Click to expand...

Nothing would surprise me in relation to financial institutions fleecing their clients. They have done the numbers and somehow the few that will take a compensation claim doesn't even dint the profits they make from other people not taking a compensation claim. Many elderely people will just let it go or forget about it or die etc.

A quite simple solution to this would be for the financial institutions to supply figures to the regulator of the age profile of clients and the product they have been recommended.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

An even simpler solution would be for the Regulator to step in and Police the entire industry rather than prolonged process which takes years to investigate. And then name the institutions that are failing in order that the Public are able to speak with their feet.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Yes mercman that's a better idea. Is the regulator prevented from naming the bad ones?

Actually the title of this thread is too tame, hoodwinking older customers would be more apt.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

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Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Bronte said:
Is the regulator prevented from naming the bad ones?

Actually the title of this thread is too tame, hoodwinking older customers would be more apt.
Click to expand...

AFAIK, the naming of the institutions is barred from been named. Brendan is in a better position to answer that. There was a call last year to commence naming those that broke the Consumer Code last year ??? Welcome to Ireland.

It really is a pity that persons remain too embarrassed to publically profile the wrong doing that they have suffered. Shame on the FPs that simply hide, and then carry on regardless as if nothing had happened. If the real truth was uncovered about Investments in Ireland the public would simply resist in using the companies that act totally in a irresponsible manner.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

mercman said:
. If the real truth was uncovered about Investments in Ireland .
Click to expand...

Shane Ross had an interesting article in the Sunday Independant on how Goodbody stockbrokers took investments from BofI shares and put them into AIB.

I'm not implying any wrongdoing and nor should any one else on AAM. One can read the article and reach one's own conclusions.
 
Re: Weakness in Sales Processes for Older Customers Identified in Regulatory Inspecti

Haven't read the article. But it does show that none of these institutions or their personnell have a clue or give a damn. The basis of any actions they undetake is down to commissions and fees. If people and the institutions were held to account for their actions this country would not be in the mess that it is in.
 
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