You are here: Home - News -

Lloyds mortgage advisers under pressure to meet lending targets

by:
  • 16/11/2016
  • 0
Mortgage advisers working at Lloyds Banking Group have raised concerns that they are being coerced into meeting specific mortgage lending targets for the bank, according to an internal memo.

In the note, seen by the Financial Times, Lloyds’ mortgage director Mike Songer said some mortgage advisers had fed back that they were being managed to meet certain targets.

He said that while the bank did not have a set quota for customer interviews and sales, “restoring Lloyds mortgage market share” was one of the top five priorities for the bank.

This is not the first time Lloyds has been accused of pressuring staff to meet sales targets. In 2014, a leaked email suggested that aggressive sales techniques was still being expected of staff, just months after the bank was fined £28m for its promotion of an unhealthy sales culture.

Lloyds Bank is the largest mortgage lender in the UK, achieving £38.4bn worth of lending in 2015, to give it a market share of 17.5%.

Speaking to the FT, Mark Brown of the Lloyds Trade Union, which is no longer recognised by the lender, said that while the Songer does not promote company-wide targets for advisers, “he’s happy” for individual targets.

The issue has been raised by the union with the Financial Conduct Authority.

A spokesperson for Lloyds Banking Group, said: “Lloyds Banking Group’s branch network (this includes Lloyds Bank, Halifax and Bank of Scotland) does not have sales, or activity, targets at a branch or colleague level in relation to mortgages or any other product, nor is a colleague’s pay or bonus linked to product sales.”

There are 3 Comment(s)

You may also be interested in