Superficial Changes Won’t Rebuild Community Trust
FSU reps and members committed to rebuilding trust and confidence in our industry have delivered seven thousand responses to the FSU Big Finance Survey. The results provide great insights into the key issues being examined by the Hayne Royal Commission.
The news isn’t great for CEOs in the finance industry, who will be appearing before the Royal Commission later this month. Despite numerous apologies to the customers and communities they have let down, feedback from finance workers is — “nothing’s really changed”.
Hollow Apologies Aren’t Enough
Although there have been some changes and softer language is being used, the same old culture that resulted in the need for a Royal Commission prevails. The changes merely mask the pressure to meet unrealistic sales and referral targets that are often not in the best interest of the customer.
FSU Submission to Royal Commission
The survey feedback from members formed the basis of the Union’s submission to the Royal Commission. The Submission calls for bold, progressive change to governance, culture and remuneration structures to restore trust in the sector. More information about the submission can be downloaded HERE
FSU Puts CEOs on Notice
FSU are putting CEOs on notice ahead of their appearance at the Royal Commission later this month. There is a huge disconnect between the public message they are delivering and the reality at the coal-face. We will also be seeking urgent meetings between FSU workplace leaders and senior executives to make sure they get the message directly from workers.
The full report of the FSU Big Finance Survey will also be made available to the Royal Commission.
Be a Force for Change
It’s becoming clear that we cannot rely on finance executives to drive the cultural reform that our industry needs. It’s up to us to demand real change that will rebuild community trust and confidence in our industry.
Register to Attend a Change the Culture briefing today. Choose from the locations below:
New South Wales/ Australian Capital Territory
South Australia/Northern Territory
Please share this update with all of your colleagues and invite them to attend a briefing with you.
Contact Details
Finance Sector Union
Ph: 1300 366 378
fsuinfo@fsunion.org.au
