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December 21, 2004

Whistleblower alleges Lloyds mis-sold loans

BBC documentary "Real Story" alleges that loans are being sold to banking customers primarily on the basis of eraching sales targets.

Relying on testament of an ex personal account manager for Lloyds, and on contact from clustomers who claim they were mis-sold loans, the program suggests that staff and customers liased within a high-pressure sales environment - where staff were expected to make lona sales targets, or face penalties to their salary.

According to the former employee:

"I know people who are still there at the bank now and they tell me the selling culture is continuing.

"If you didn't reach your figures your salary could be reduced.

"You wouldn't want to sell to people who you knew couldn't afford it but, unfortunately, due to the high pressure sales environment, that was sometimes the case.

"The sales culture was very, very aggressive indeed."

Posted by brian_turner at December 21, 2004 02:24 PM

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