Call to let bank employees talk to Royal Commission
Following the release of official media statements indicating that Non-Disclosure Agreements will not be relied on to silence bank employees from communicating with the Royal Commission, the Finance Sector Union (FSU) of Australia says banks need to communicate clearly to their workers what this means for them.
FSU National Secretary, Julia Angrisano, said bank workers needed written assurances from their employees that permitted them to communicate with the Royal Commission without jeopardising their employment.
“Under normal circumstances, it is impossible for current bank staff to speak to anyone about their employer because of stringent codes of conduct which the banks all routinely use to silence workers,” she said.
“If the banks and the community are to benefit from the change this Royal Commission could bring to banking, then ‘whistle-blowers’ inside the system must be encouraged to come forward.”
Ms Angrisano said the Royal Commission required full disclosure in order to reveal the truth surrounding banking scandals and to see the return of customer-focused service rather than the relentless pursuit of sales targets.
“We need this Royal Commission to get the full and complete picture about the culture and excesses in banking,” she said.
“It is essential that the banks’ ‘dirty laundry’ is properly aired and that the Royal Commission is able to reveal the full facts about banking scandals, the ones we know about and the others that the inquiry will unearth, which have dragged down the reputation of our banks.”
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
