Commissioner Hayne has failed to make recommendations the sector desperately needs. His report identifies many of the problems, but fails to provide the solutions. Banking is in urgent need of reform and while the evidence to the inquiry shocked and angered the public, the recommendations released today will not fix the rot that infects Australian banking.
We Need Bold Solutions – We Got Vague Suggestions
The are 76 recommendations in the report, but action on executive pay and bonuses is lacking, as are measures to improve professionalisation and self-regulation of culture. Hayne says only that financial service companies would review at least once a year the design and features of their remuneration systems for frontline staff, and all financial companies should assess their own culture and governance. We know from past experience how ineffective self-regulation can be.
FSU Members Worked Hard To Build An Effective Royal Commission
Today is 416 days since the government announced the RC. FSU members have given evidence and contributed to case studies, as well as RC portal stories, surveys, expert panels and hundreds of workplace conversations.
We did this work because we must address culture, fix pay models, and improve professional standards. We will be part of the solutions that restore trust and confidence with our communities.
We Will Keep Working to Bring Fairness to Our Industry
The work we have done in the Royal Commission, building our vision of what a fair finance sector can be, is now more vital than ever.
We must engage with politicians, regulators and others to improve the ways our sector operates.
Contact your FSU today and join our work on the Industry Plan for the Finance Sector. We will bring fairness and community trust back to our sector.
Finance Sector Union
Ph: 1300 366 378