Friday 13 December 2019

Sales clampdown

THE Central Bank will clamp down on how sales staff are paid in an effort to improve customer service in the sector. In its 'Guidelines on the Variable Remuneration Arrangements for Sales Staff', which it published yesterday, the bank said that the sales industry had "failed to recognise the inherent risks" in performance-related pay.

The bank found there was a greater emphasis on pushing sales rather than resolving customer problems, while there was limited used of penalties or deterrents against poor sales performances.

Ryanair expands

Ryanair has launched a new daily service to Manchester as part of its extended winter schedule from Shannon.

It follows last month's announcement of five other new routes from Shannon to Berlin, Berlin, Fuerteventura, Krakow, Paris and Warsaw and extra flights to and from London Stansted.

It's expected the new winter schedule will deliver more than 300,000 extra seats at Shannon and more than one million extra customers through Ireland's airports. Up to 300 new on-site jobs will also be created.

Ryanair's Peter Bellew said the Government's decision to abolish airport tax contributed to the decision to announce new routes.

Barclays lawsuit

Barclays called for the dismissal of a lawsuit from the New York attorney general alleging the bank lied to clients about its high-speed trading venue, calling it unjustified because Barclays' customers were never misled.

The bank's motion to dismiss the lawsuit against its private trading venue - or "dark pool" - was based on procedural and case law grounds. The bank said the attorney general, Eric Schneiderman, did not have the authority to accuse the bank of fraud and deceit under New York law, which aims to protect investors when the purchase, sale or exchange of a security is misrepresented.

Barclays is accused of betting against clients in its dark pool trading platform.

EU SME boost

The European Commission has awarded funding to 10 Irish SMEs as part of its Horizon 2020 plan. The 10 Irish firms were among a total of 155 firms across the continent to be awarded funding.

The companies will each receive €50,000 to finance feasibility studies to develop their "innvoation strategy". In total, there were 2,666 applications for the first grants. Successful applicants will be formally notified in August.

Irish Independent

Also in Business