FSU welcomes Hayne’s Royal Commission gag ban

Royal-Commission/Finance-Sector-Union/fsu/

13 February 2018
| By Hannah Wootton |
image
image image
expand image

Royal Commissioner Kenneth Hayne has announced that various employment agreements will not be allowed to inhibit the Royal Commission’s work, in a move welcomed by the Finance Sector Union of Australia (FSU).

Hayne was clear that non-disclosure, employment and separation agreements between financial services corporations and their workers would not prevent evidence being given to the inquiry, quelling fears that banks and providers would try and silence their employees.

FSU national secretary, Julia Angrisano, praised Hayne for planning to use his powers to make sure questions are answered and documents produced.

She said that it was positive that the Commission had suggested that any attempt by a bank or financial services provider to use legal agreements to gag employees would lead to questions about their motives for doing so.

The FSU said that banks and providers should view the announcement as a warning.

Angrisano was also hopeful that the Commission would “finally reveal the ‘misconduct and conduct falling below community expectations’ which have plagued the banking and financial services sector in recent years,” especially regarding inappropriate or unsuitable lending.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

2 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5