FMA says incentives boost top bank sales staff earnings by $104K

Thu, 15 Nov 2018

By Jenny Ruth Nov. 15 (BusinessDesk) - The highest amount a bank salesperson received on top of their salary as a result of incentive schemes, mostly linked to sales volumes, was $279,000 in the year ended March. The highest amount paid averaged across all nine of the banks the Financial Markets Authority has reviewed was $104,000 in addition to salary. However, the average variable pay of salespeople across all nine banks was just $6,180 or 9 percent of total pay. The FMA hasn’t attempted to assess how many inappropriate sales of b...

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