The Finance Sector Union of Australia (FSU) notes the Australian Banking Association’s statement today to the Royal Commission into Financial Services, in particular the work being done to revise the code of banking practice.
Whilst this code is laudable in intent, the reality is that front line workers, on too many occasions, are having to work in a profit-driven culture under time constraints, leading to unreasonable stress and anxiety.
Any new code of practice must also address organisational culture.
The FSU believes that genuine cultural change will be critical to restoring the Australian community’s trust in the finance sector.
To that end we will always work co-operatively with the ABA and the broader sector to improve culture, but we will have no hesitation in calling out poor banking behaviour by senior executives.
Quotes from Julia Angrisano, FSU National Secretary:
“Any new code of practice will be subject to intense scrutiny by the Australian public and if bank executives don’t comply, then any government would be entitled to step in and legislate.”
“That’s what ordinary Australian bank customers would expect.’
“The credibility of self-regulation is hanging by a thread. It is now up to the finance sector to restore credibility through good faith compliance with the code.”
“And every Australian consumer will be watching closely.”
Media contact John Hill 0412197079