Knighted and benighted are two different things...
"Report confirms bank incentives led to mis-selling
The FSA review of 22 firms' financial incentive schemes has uncovered a range of serious failings, including:
Most incentive schemes were likely to drive people to mis-sell.
Firms failed to identify how incentive schemes might encourage staff to mis-sell, suggesting they had not properly thought about the risks or simply turned a blind eye to them.
Firms failed to understand their own incentive schemes because they were so complex.
Sales managers had clear conflicts of interests, such as a responsibility to manage the conduct of sales staff whilst themselves able to earn a bonus if their team made more sales.
Specific examples of poor practice included:
One firm operated a 'first past the post' system where the first 21 sales staff to reach a target could earn a 'super bonus' of £10,000.
Basic salaries for sales staff at one firm could move up or down by more than £10,000 per year, depending on how much they sold.
Another firm excessively incentivised one product over another, despite claiming to offer impartial advice.
One firm allowed sales staff to earn a bonus of 100% of their basic salary for the sale of loans and PPI, but the bonus was only payable to those who had sold PPI to at least half their customers.
Martin Wheatley, managing director of the Financial Services Authority, has announced that he wants to see an end to mis-selling created by sales incentives."
Read more...
http://www.consumeractiongroup.co.uk/forum/showthread.php?364402-FSA-targets-bank-incentives-that-lead-to-mis-selling