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Do you trust the Banks to do the right thing?

FSU Survey shows bank employees don't trust bosses with bad apples checklist.

Recently the finance industry has been mired by scandal after scandal as unscrupulous operators take advantage of a banking culture that rewards risky behaviour.

Over the past 12 months the major banks along with the ABA have been pushing to instigate a mechanism to blacklist employees – a “bad apples” register.

A recent survey of 1000 Bank employees reveals the vast majority of staff want to rebuild trust and confidence in our industry. It also reveals that bank employees do not trust the industry to fairly administer a scheme that blacklists individuals.

None of us support crooks in our industry and we want to be both trusted and respected by the Australian community.

We want a register that will truly focus on identifying those who have broken the law, that is truly independent, and that truly embraces the principles of procedural fairness and natural justice.

Unfortunately, the industry wants a system implemented where they are the sole arbiters – judge, jury and executioner.

After several years of scapegoating and spurious crackdowns on alleged code of conduct violations, bank employees have lost faith in the employers to get this right.

Any system that does not build in key principles of natural justice and procedural fairness can be exploited. We are concerned that the industry will be quick to assign blame to individuals instead of undertaking a more complex assessment of the banking culture that is designed to achieve maximum sales revenue – at any cost.

Today, I am calling on the industry and government to support a “bad apples” register that is administered by an independent regulator who has statutory underpinning. This regulator should focus on removing individuals who have broken the law and not allow banks to scapegoat individuals without proof of serious wrongdoing.

Do you agree that Government intervention is required to develop a truly fair and independent register? Do you have concerns about a register that is internally administered by the banks? Let us know HERE


Contact Details
Finance Sector Union Member Rights Centre
Ph: 1300 366 378

Authorised By: Julia Angrisano, National Secretary
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