Mr Wheatley, who is also chief executive designate of the Finanical Conduct Authority, said a major review would tackle incentive schemes which sell customers products they do not need in order to boost the earnings of the salesperson.
Speaking at a Thomson Reuters Newsmaker event in London, Mr Wheatley said: "Financial institutions have changed their view of consumers from someone to serve to someone to sell to.
"This bonus-based approach has played a role in many scandals we have seen over the years. Incentive schemes on PPI were rotten to the core and made a bad problem worse."

He said the FSA was publishing a report which reviewed 22 firms' financial incentive schemes and had uncovered serious failings.
These included 100 per cent bonuses for those who sold PPI to half their customers, excessive incentives for certain products and clear conflicts of interests.
He said: "We, as the regulator, intend to change this culture of viewing consumers simply as sales targets and I am going to be personally involved in getting this right.
"I expect those running firms to start looking at what their schemes are set to do. The dictionary tells us incentives are something that incites action so firms need to ask what type of action they incite. Is it the best deal for the customer or is it to get the best deal for the person or firm selling it?"
The FSA wants firms to review their incentive schemes, governance and controls and address any inadequacies including paying redress to customers if necessary.
The consultation is open for review and comments until 31 October.