As part of the ABA 6 point review Mr Stephen Sedgwick AO is conducting an independent review of product sales commissions and product based payments in retail banking. This relates to bank staff and third parties who receive payments for selling bank products like deposit accounts, mortgages and credit cards.
The aim of the review is to identify whether commissions, bonuses or other incentives might motivate bank staff to focus on their financial interest rather than their customers’.
The FSU has provided an initial submission to this review in 2016. This submission was drawn directly from feedback and stories received by FSU members.
Mr Sedgwick also participated in a series of roundtable discussions across the country with finance workers.
In January Mr Sedgwick handed down his issue paper summarising current practices determined through the initial submission process and seeks further information about product sales commissions and product-based payments paid in respect of retail banking products.
You can view further information about the Sedgwick Review below
Further FSU submission to Issues Paper - Due February 2017