12 November 2020

The following quotes can be attributed to Julia Angrisano, National Secretary, Finance Sector Union of Australia:

“The FSU is looking on with great concern at APRAs retreat on executive pay and bonuses. We can see the full force of the lobbying power of the banking and finance sectors on display here. The ink is barely dry on the recommendations from the Hayne Royal Commission and we are already seeing the white flag being raised by the Government on responsible lending and now the regulator on executive remuneration”.

“Watering down its plan to set limits on the use of financial metrics in determining banker pay by setting a benchmark of 50 per cent in favour of some vague airy-fairy undefined ‘material weight’ to non-financial measures is a recipe for disaster. The FSU knows where this will lead: a nefarious chain of events that ends with stressed front line workers upselling products to their customers so executive performance targets are met”.

“Make no mistake the toxic work practices and poor workplace culture revealed by the Hayne Royal Commission in chilling detail will continue while the sector is trying its hardest to remove the Royal Commission from its collective memory”

“It is disappointing to say the least that the most significant issues that the FSU campaigned long and hard on to initiate the Royal Commission such as executive salaries & bonus culture and workplace culture are being so quickly forgotten. The bad old days have not ended there has just been a pause”

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary