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Group calls on central bank to remedy the problem of insurance sales pressure on bank staff


snoop1130
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BANGKOK (NNT) - Stories of a former bank employee being forced to sell insurance packages and resigning because of the pressure have circulated in the media. A network of bank workers’ unions has submitted a letter to the Bank of Thailand (BOT) calling for the problem of sales pressure at banks to be addressed.

 

Mr. Ong-at Senchuaichat, the head of the union’s network, and other network representatives submitted a letter addressed to BOT Governor Sethaput Suthiwartnarueput to request that the central bank moves to remedy what they said was an issue of workplace injustice. The representatives explained that banks are forcing their employees to meet sales targets for insurance packages, and performance in this aspect forms part of the evaluation criterion for salary raises and job promotions.

 

Mr. Ong-at said the network will push the matter to its best extent, although the group was not setting a deadline for authorities.

 

A Bank of Thailand executive from a division overseeing the protection of users of financial services accepted the letter on the central bank’s behalf and promised to forward the letter to the BOT governor for his consideration.

 

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8 hours ago, KhunBENQ said:

Unfortunately this pest is not limited to Thailand.

 

Here foreigners who want to open an account are an easy target.

"Sorry can only open account with insurance, it's the rule".

It does seem to have developed that way....... 

It also takes away the competition between insurance companies..... rather than offering better premiums and policies to customers, they will offer bigger kickbacks to the banks, to the detriment of the policies. 

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Institutionalized blackmail.

 

"Nice bank account you have there, be a shame if something happened to it."

 

 

This (insurance racket) is what boiler-rooms are for. Stop asking customer service reps to become sales people.

 

 

Put that coffee down!! Coffee's for closers only.

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Lloyds TSB were a classic example of miselling insurance products to customers in the UK .

Bank staff were also put under pressure to achieve targets for the sales force.

 

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12 hours ago, snoop1130 said:

A Bank of Thailand executive from a division overseeing the protection of users of financial services accepted the letter on the central bank’s behalf and promised to forward the letter to the BOT governor for his consideration.

 

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I recently opened a new account at SCB. One of the myriad papers they gave me to sign was one that allowed them to gather and sell my personal info. Since I read everything before I sign it I caught this and ask if it was optional. They replied that it was so I declined.

This is just plain wrong. Every business entity on the planet attempts to sell us something while simultaneously legally stealing information that they profit from.

Marketing excess has become a major problem in our world and a scourge to modern life.

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