PETALING JAYA: The National Union of Bank Employees (NUBE) today called on the Finance Ministry and Bank Negara Malaysia to take immediate steps to stop commercial banks from "mis-selling financial products through their helpless employees."
Its secretary-general J Solomon told Bernama that NUBE members were being pushed by "greedy superiors" to meet pre-set targets.
"But the sad thing is that our members are not properly briefed and are not well versed with the products, hence in their zeal to achieve set targets they just conclude the sales without giving consumers proper explanations.
"The banks are also hiring staff on contract without any security of tenure, with high commissions being paid to them based on sales, thus encouraging blatant greed, which in the final analysis causes society to pay for it," he added.
He said greedy executives, fuelled by promise of big bonuses and incentives, slavishly drove sales people to achieve pre-set targets without any thought as to how the job was done by their staff.
"Credit cards, insurance, unit trusts and other financial products are being sold like cheap soap," he said.
He added that it was not uncommon to see bank employees running around in cheap T-Shirts provided by the employers harassing people in shopping malls.
"Our members are victims of exploitation by banks and often left with no choice but to conduct themselves in such a manner, apart from working late nights and giving up their weekends," he said.
"NUBE which represents more than 30,000 bank employees is very concerned with this rampant mis-selling, as it will result in a crisis of sorts where Malaysian taxpayers will have to bail out the financial services industry," he said. — Bernama
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