The public are now getting a say in the support and protection of bank staff who are faced with difficult decisions to deal in activities with the potential to harm customers, according to the Australian Bankers’ Association (ABA).
ABA chief executive, Steven Münchenberg, said that the industry body continued to develop new practices for strengthening whistleblower protection, but were now calling on the public “in the interests of transparency”.
“We are inviting interested parties to provide their feedback on these principles [which] are based on an analysis of international best practice standards,” Münchenberg said.
“[This] is part of the industry’s six point reform plan.”
The draft principles outlined the purpose and expected execution of improving protections for whistleblowers, as well as guidelines for bank executives.
The report stated: “The whistleblower policy should clearly articulate the purpose and positive elements of the program, the commitment by the bank to identifying and responding to reported concerns and commitment to a culture of continuous improvement”.
The range of issues able to be reported in the newly proposed whistleblower policy includes all conduct and activity deemed unethical, improper or illegal. Under point 3.2 of the policy draft is the suggestion that banks should include all contractors, suppliers, third party providers, secondees, former employers and auditors under the policy, in addition to brokers and employees.
Draft principles are expected to be completed by the end of 2016, with banks allotted seven months to get internal policies up to scratch.
Münchenberg said: “Whistleblowers make an important contribution to our businesses… we need to break the ‘us versus them’ cycle”.
“If staff are confident to speak up about misconduct and unlawful activity, they can save customers and the bank a lot of pain later.
“It can take courage to stand up and call out poor behaviour, so we should support people who do that.”
Public submissions on the draft principles will be open until 2 November.
