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B&B dismisses claims it is facing staff walkout

Recent reports in the national press speculated that staff were concerned about the incentive scheme B&B introduced for them in January, leading to the possibility of a staff backlash.

There have been accusations that the scheme requires advisers to sell a set number of policies to receive bonuses rather than recommend deals that best suit clients.

But Siobhan Hotten, spokeswoman for B&B, says the walkout and mis-selling stories are the result of a few employees unhappy at the pace of change at B&B.

She says: “As far as the company is concerned there is no planned staff walkout. The incentive scheme has been in place since January. That suggests to me that nothing untoward is going on.

“We do have checks and balances in place and all our advisers are incentivised so if something doesn&#39t ring true, its stamped on.”

She adds that the commission structure in no way differs from how most financial services firms operate and is there to encourage advisers to offer a range of products to suit customers&#39 needs. She also says the Financial Services Authority has not expressed any specific concern over B&B.

However, the incentive schemes that firms operate is something the FSA is looking at closely.

A recent speech by Callum McCarthy, chairman of the FSA, stressed that firms must more to ensure staff do not over-sell certain products.

McCarthy says: “There is evidence of too many companies being insufficiently concerned about their responsibilities towards those who purchase their products.

“Changing this must be a priority for all of us.”

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