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Royal Commission Targets Banking Culture: FSU is Standing up for Workers
The Royal Commission has started hot after two days, going hard on the systemic drivers of misconduct. The FSU has worked consistently to put these issues in the spotlight – we will continue to push the focus onto the executives and the institutional culture driving workers to pursue profits, whatever the costs for staff and customers.
 
As the hearings unfold, we will advocate for bank workers through this process. So you can stay informed, we are posting key articles on our facebook page: www.facebook.com/FinanceSectorUnion/ Already, after only two days, there has been an avalanche of media attention on the truths emerging about toxic banking culture.
 
 
NAB and CBA Feeling The Heat
 
NAB were grilled about pressure to put profits above customers’ best interests. CBA were slammed for swamping the Royal Commission with spreadsheets, in a move that looks a lot like a smokescreen. And NAB has been berated for an attempt to deceive ASIC with a “straw man” strategy, revealed in a document from 2016.
 
 
Our Experiences of  Banking Culture Are Vital to Bringing Change
 
The Royal Commission has its sights on the problems with Australia’s banking system: remuneration structures, unachievable sales targets and excessive pressure from managers on staff all the way down the line to achieve them. We know that bank workers in branches and call centres across the industry are being pressured and bullied on a daily basis to achieve unrealistic sales targets.
 
If you have experienced this, your story can put the pressure on the banks. Click the button or the link below to share your experience and make sure the Royal Commission knows what it’s really like for workers.
 
 
Bank Execs Trying To Throw Workers Under The Bus
 
Repeatedly in these hearings bank executives have tried to blame their bankers for misconduct, when we know the root cause is the bank’s own culture and practices. Nothing was more telling than when asked if the root cause of misconduct was NABs own remuneration structure, Mr Waldron could only reply ‘yes’. This is the focus that the Royal Commission must continue pursuing, and we will continue to work to ensure it does.
Authorised By: Julia Angrisano, National Secretary
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