10 May 2018

The FSU’s Submission to the Royal Commission focuses on the central issue of culture in the finance sector, and the need for fair and enforceable regulation. It calls for a comprehensive Financial Services Code to rebuild trust and confidence in the finance sector.

A Financial Services Code should cover all individuals and companies within the Financial Services Sector. It should impose accountability and responsibility on the senior managers and executives who determine the culture and operations of the banks and other entities within the sector.
The Code should streamline current regulations and bring transparency to the way financial service companies conduct their business.
The complex regime of laws and regulations that currently governs the financial sector has failed customers, as well as the hundreds of thousands of employees across the sector. It is clear that there are too many organisations, regulatory regimes and methods of control in play. Those who have the power and control in the sector are not being held responsible for their behaviour.
The current system fails to provide a clear set of obligations that drive ethical behaviour.
The FSU also calls upon the finance industry to work with us to develop a strong professional culture for all finance workers. The community deserves a financial sector that they can trust to act in their best interests.
Quotes attributed to Julia Angrisano, FSU National Secretary:
“Too much of what we have heard to date from the Royal Commission boils down to issues of culture and regulation within our sector.”
“We cannot continue to regulate this industry in a piece-meal fashion – it doesn’t
serve customers, it doesn’t serve employees, and ultimately it doesn’t serve the
community at large ”
“Finance is an essential service for our community and it requires a professionalised
approach to ensure that integrity and ethical behaviours are at the forefront of
finance companies engagement with their customers.”

Media contact: Elisabeth Bowdler 0412 112 374. Full copies of the submission are
available upon request.

Authorised by Julia Angrisano, National Secretary